The JV, Future Energy Solutions Unlimited (FES), with its Australian subsidiary Alternate Energy Systems (AES), intends to carry out bankable feasibility studies supporting project development and project delivery for diversified biofuel refining centers in strategic locations across the world.
OriginOil plans to deliver its proprietary systems and process knowledge for the development of multi-feedstock blending standards that will be needed for the new biorefineries.
OriginOil recently signed a research agreement with the Department of Energy’s Idaho National Laboratory, in part to tackle these standards.
The Energime Group of Companies has given preliminary commitments to provide $1.5m in matching funds to AES and $3m to FES, for a total of $4.5m.
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.
