Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

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

Nov. 27 (Bloomberg) -- OriginOil Inc., 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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.