Orca Vision to develop vertical farms employing OriginOil’s EWS technology with partner Orix, Japan’s largest financial services company.
LOS ANGELES--(BUSINESS WIRE)-- OriginOil Inc. (OTC/BB: OOIL), developer of Electro Water Separation™ (EWS), the high-speed, chemical-free process to clean up large quantities of water, today announced that it has agreed to supply its water management solutions to a new East Asian hydroponics venture backed by Orix Corp., Japan’s largest financial services and leasing company.
Orca Vision Inc., a Japanese eco-solutions provider with sales in Japan, South Korea and China and a manufacturing facility in South Korea, will implement OriginOil’s EWS technology in a vertical farming pilot that will include both vegetable and algae production. In the coming year, Orca Vision plans to expand the model to more than 100 locations.
In December, Orca Vision ordered three Model A12 algae harvesters from OriginOil for testing and demonstration. In parallel with this first shipment, OriginOil will enable Orca Vision to begin operating as a non-exclusive regional Original Equipment Manufacturer (OEM), manufacturing OriginOil’s algae harvesters and water treatment systems under its own label.
Orca Vision plans to reach a 100-unit sales target for the year 2014, which, if reached, could generate between US $500,000 and $1 million in sales and licensing revenue for OriginOil in 2014 and beyond. Orca Vision intends to manufacture the equipment at its existing facility in South Korea.
“We think OriginOil’s technology will help us reach a very high level of operating efficiency in our vertical farms,” said Takashi Matsubara, CEO of Orca Vision, Inc. “We are honored to be OriginOil’s first OEM in Asia and will be happy to provide volume manufacturing for OriginOil’s other clients in the region and worldwide.”
Orca Vision’s urban farms are designed to use hydroponics to deliver high quality and nutrient-rich fresh greens in a “stacked” or vertical configuration (see photos here). Vertical farming is a way to deliver highly efficient production while greatly reducing distribution costs, since produce can be grown close to where it is consumed.
"As is usually the case in Asia, this partnership with Orca Vision came about through long-term development of mutual trust,” said Nicholas Eckelberry, OriginOil’s chief inventor and co-founder, who was instrumental in brokering the deal. “This partnership marks the beginning of the acceptance of our technology in markets that are demanding strong environmental solutions."
Orca Vision shareholder Orix Corp. is the largest financial services and leasing company in Japan, with more than $69 billion in assets. It is listed on the Tokyo and New York stock exchanges.
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About OriginOil, Inc.
OriginOil has developed a breakthrough water cleanup technology for the oil & gas, algae and other water-intensive industries. Unlike other technologies, the company's patent-pending Electro Water Separation™ process rapidly and efficiently removes organic material from large quantities of water without the need for chemicals. For the oil & gas industry, OriginOil is helping clean up produced water and recycle fracking water, to reduce harm to the environment and lower costs. For the emerging algae industry, OriginOil is making large-scale harvest possible. And in aquaculture, OriginOil is helping improve yields and making seafood healthier by dramatically reducing the levels of toxic ammonia and bacteria in water. For a world short on clean water, OriginOil is the lower-cost and cleaner answer. To learn more about OriginOil®, please visit our website at www.originoil.com.
OriginOil 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.
Abstract: OriginOil licenses technology for Hydroponics in East Asia, projecting up to $1 Million in first-year sales and royalties; Orca Vision to develop vertical farms employing OriginOil’s EWS technology with partner Orix, Japan’s largest financial services company.
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Source: OriginOil, Inc.