OriginOil in a Joint Venture with Australian Partner
OriginOil has entered into a joint venture with an Australian company for the development of biorefinery. These biorefineries are expected to meet the US and NATO military requirements for alternative fuels. According to OriginOil, the JV aims to build biorefineries in strategic locations around the world that would serve military customers.
The JV, called Future Energy Solutions Unlimited Inc., was created with Future Energy Solutions (FES) and its subsidiary, Alternate Energy Systems (AES). AES has committed $3 million and FES $1.5 million in the venture, with funding set to be completed by the beginning of next year. OriginOil will contribute its proprietary systems and process knowledge.