OriginOil Names Manufacturer for New Performance-Based Frack Water Cleanup Program
Clean Water Technology will manufacture CLEAN-FRAC systems for zero-capital sales program
LOS ANGELES--(BUSINESS WIRE)-- OriginOil, Inc. (OTC/BB: OOIL), the developer of a breakthrough energy production process for cleaning up oil & gas water, announced today that it has named Clean Water Technology (CWT) to manufacture commercial-scale equipment for its new performance-based water cleanup program.
Under this new program, Joint Ventures led by OriginOil will supply CLEAN-FRAC™ machines to oil and gas service companies on a pay-per-gallon basis. Each machine will be operated under a separate Joint Venture or JV. Water resource engineering firm PACE will provide design engineering support.
"Without making a capital outlay, service companies can achieve cost savings immediately by recycling, rather than trucking frack and produced water offsite," said Bill Charneski, general manager of OriginOil's oil and gas division. "We believe this new financing model has the potential to expand the reach of our technology's application, overcoming key adoption barriers for small to mid-size companies."
Dr. Gerald Bailey, OriginOil's Oil and Gas Industry Advisor and former President of Exxon for the Arabian Gulf, added, "Many operators in the oil and gas industry are very focused on reducing water costs, but lack the capital to invest. OriginOil's plan to offer performance-based payment is a simple and elegant solution to the challenge."
Ariel Lechter, CEO of Clean Water Technology, said, "We are looking forward to assisting OriginOil in the commercial design and manufacturing of the CLEAN-FRAC systems for these joint ventures. It represents a great growth opportunity in a new market for us and we are pleased to be working with OriginOil again."
Bill Charneski, General Manager of OriginOil's oil and gas division, added, "This new joint initiative will combine OriginOil's technology, Clean Water Technology's manufacturing capability and PACE's engineering expertise. This integrated model allows us to offer potential licensees and customers a complete water treatment solution, without ourselves having to invest in manufacturing infrastructure, equipment inventory and manufacturing expense."
OriginOil's CLEAN-FRAC process is based on the company's Electro Water Separation™ technology that efficiently removes oils, suspended solids, insoluble organics and bacteria from produced or 'frac flowback' water, on a continuous flow basis and without the use of chemicals.
Clean Water Technology previously shipped commercial scale systems utilizing OriginOil's dewatering technology in 2012. As a manufacturer of its own line of water treatment equipment, Clean Water Technology is able to produce systems for OriginOil licensees that are unable to manufacture in-house.
The total value of the (North American) produced water market is set to grow from $5.0 billion in 2010 to $9.9 billion in 2025 - a compound annual growth rate of 4.7%. The produced water treatment equipment market, however, is set to grow from $693 million in 2010 to $2.9 billion in 2025 - a compound annual growth rate of 10.1%. [Source: Produced Water Market report from the publishers of Global Water Intelligence]
Interested operators, service companies and potential JV partners should contact Bill Charneski, General Manager of the Oil and Gas Division, by emailing firstname.lastname@example.org.
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About OriginOil, Inc.
OriginOil has developed an energy production process for harvesting algae and cleaning up oil & gas water. Operating at the first stage of extraction, this high-speed and chemical-free process can be embedded in other systems to improve performance. Originally invented to solve the biggest problem in algae production, it is now finding demand in oil and gas fracking and production water cleanup, an immediate and fast-growing market that desperately needs clean technology solutions. To learn more about OriginOil®, please visit our website at www.originoil.com.
Safe Harbor Statement:
Matters discussed in this release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this update, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with our history of losses and our need to raise additional financing, the acceptance of our products and technology in the marketplace, our ability to demonstrate the commercial viability of our products and technology and our need to increase the size of our organization. Further information on the Company's risk factors is contained in the Company's quarterly and annual reports as filed with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
OriginOil names manufacturer for new performance-based frack water cleanup program; Clean Water Technology will manufacture CLEAN-FRAC systems for zero-capital sales program
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