By Ian Gilson, CFA
OriginOil (OTC BB:OOIL)
has shipped the first production unit of its Model 4 Algae Appliance harvester to its JV Ennesys, Paris, France, to be used for water management in the La Defense complex.
The unit will be installed at a site designed by Ennesys to test the suitability of algae production in helping large commercial buildings achieve a positive energy balance.
The model 4 sells for about $35,000 as a test unit. Revenue recognition by OriginOil is when the unit is delivered to the site. This will be this month, July, 2012.
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