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Odyssey to help Hylem raise $2.5 million in order for Hylem to implement its business plan, and Odyssey will take up a 51% interest in Hylem
Odyssey Oil & Energy, Inc., announced a strategic partnership with Hylem Water, Ltd. Odyssey has entered into a memorandum of understanding to help Hylem raise an amount of $2.5 million in order for Hylem to implement its business plan, and Odyssey will take up to a 51% interest in Hylem.
Hylem Water manufactures and markets its Rubicon Sachet, which purifies drinking water making it particularly effective in rural areas; it also has the license for the Ferate technology, which removes heavy metals from mining and industrial wastewater.
"Hylem is a perfect fit in our ongoing quest as a green technology company," said Arthur Johnson, president.
ALG Western Oil, Ltd., a subsidiary of Odyssey, is currently operating in a joint venture with Xstrata Alloys, a subsidiary of Xstrata, Plc, a producer of ferrochrome in a project at one of Xstrata's ferrochrome smelters near Rustenburg in South Africa to capture and sequestrate the carbon dioxide emissions, thereby, creating carbon credits.
Currently all the carbon monoxide from the ferrochrome smelters is flared to carbon dioxide and released into the atmosphere.
The current phase is the growing of a selected algae strain in photo bioreactors, utilizing the carbon dioxide flue gas coming from the exhausts of the generators, (with the aid of sunlight and some nutrients, through the process of photosynthesis) to sequestrate the environmentally harmful CO2 emissions and produce high value compounds like vegetable oil.
ALG Western Oil has a pilot plant at Xstrata's Boschoek smelter, The next phase will be the rolling out on a commercial scale.
The process turns harmful emissions into oxygen while producing biofuel, a clean renewable source of energy. By using algae as the feedstock no food related resources are being consumed to produce the biofuel.