OriginOil creates JV to develop biorefineries targeting alternative military fuels for US and NATO; preliminary funding commitment of $4.5M
OriginOil, Inc. has created a new joint venture (JV) to develop biorefineries serving US and NATO military requirements for alternative fuels. The JV, Future Energy Solutions Unlimited, Inc. (FES), with its wholly owned Australian subsidiary, Alternate Energy Systems Pty Ltd (AES), plans to carry out bankable feasibility studies supporting project development and project delivery for diversified biofuel refining centers in strategic locations around the world.
OriginOil intends to contribute its proprietary systems and process knowledge to help develop multi-feedstock blending standards that will be needed for the new biorefineries. OriginOil recently announced a research agreement with the Department of Energy’s Idaho National Laboratory, in part to tackle these standards. (Earlier post.)
The Energime Group of Companies has given preliminary commitments to provide $1.5 million in matching funds to AES and $3 million to FES, for a total of $4.5 million. The investments, to be finalized in early 2012, are intended to fund the planned bankable feasibility studies, leading to a key role for Energime in designing, building, operating and owning these refineries.