OriginOil reports first payment

By Staff
Algae biofuel technology company OriginOil Inc. reported it had received payment from its first customer, Australia-based MBD Energy Ltd., for a Quantum Fracturing System, the first unit in a multiphase commercialization program. The system breaks down nutrients such as CO2 into micro-particles that stay suspended in water longer, allowing algae to feed more efficiently, according to OriginOil.

In May, the companies agreed on a multiphase commercialization program under which OriginOil will supply MBD Energy with its algae-to-oil technology platform in progressively larger installations. Pending success of the initial test phase, MBD will purchase larger systems to serve its power station projects in Australia, beginning with a pilot plant at Tarong Power Station in southeastern Queensland.