Bloomberg News

OriginOil Rises on Deal to Use Algae at Oil-Sands Projects

November 27, 2012

OriginOil Inc. (OOIL:US), a Los Angeles-based biofuel developer, gained the most in more than three weeks on a deal to use its specialized algae to treat wastewater from Canadian oil-sands projects.

OriginOil rose 3.6 percent to 87 cents at the close in New York, the most since Nov. 2.

Ensteel Industries Ltd., a Calgary-based specialty fabricator, and LH Opportunity Group will collaborate on a system that uses OriginOil’s algae to treat water used in enhanced oil-recovery operations, according to a statement today.

OriginOil’s algae may be used to produce biofuel or treat wastewater. The company licensed its technology to LH Opportunity and will receive a percentage of revenue from sales of the planned systems, according to the statement.

OriginOil announced a similar agreement last month with Pearl H2O LLC.

To contact the reporter on this story: Justin Doom in New York at jdoom1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net


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Companies Mentioned

  • OOIL
    (OriginOil Inc)
    • $0.1 USD
    • -0.01
    • -7.95%
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