OriginOil Rises on Deal to Use Algae at Oil-Sands Projects
OriginOil Inc. (OOIL), 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.
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