riginOil, Inc. has announced that it has agreed to transfer three of its early patent applications to its French joint venture, Ennesys. The agreement followed a state visit by French President François Hollande in which the leader praised Ennesys as an innovative startup with a technology ready to propel France toward meeting its ambitious renewable energy and green building goals.
“We’re delighted that Ennesys will be able to capitalize on our early inventions, which are no longer a core element of OriginOil’s intellectual property portfolio,” said Riggs Eckelberry, OriginOil CEO. “The agreement has the potential to boost future stakeholder interest and value through future royalties and reimbursement of R&D costs. As a founding shareholder we are proud to share directly in Ennesys’ success.”
The three inventions being transferred to Ennesys are Quantum Fracturing™, Optimizing Photosynthesis in Photo Bioreactor (the Helix Bioreactor™) and the Hydrogen Harvester™. Ennesys has agreed to repay OriginOil’s R&D costs for these patents at a future date, and to pay an ongoing licensing fee on revenue from the patents. In addition, OriginOil has the opportunity to benefit from the commercialization of these patents as a direct shareholder of Ennesys.
In a speech to the nation made at Ennesys, President Hollande praised Ennesys as an innovative startup, and recognized the need to help such innovators, especially in reaching energy and environmental regulatory goals. The French Government’s “Innovation 2030” Commission, headed by Ms. Anne Lauvergeon, presented its findings in tandem with the site visit.