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OriginOil Inc. 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.
Bill Charneski, general manager of OriginOil’s oil and gas division, commented: "Without making a capital outlay, service companies can achieve cost savings immediately by recycling, rather than trucking frack and produced water offsite. 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."