Houston – September 20, 2011
Hoyt Thomas presented an “elevator pitch” on behalf of OpenAlgae today in the business plan competition at the Rice Alliance Energy and Clean Technology Venture Forum. In 90 seconds, Hoyt summarizes the benefits of algae, the status of the company, and its strategy for growth.
Update: OpenAlgae earned a “Rising Venture” award at the forum! Check out the press release >
Take a look at Hoyt’s pitch:
Hoyt Thomas presents OpenAlgae “Elevator Pitch” at Rice Alliance forum
Algae: an amazing organism that grows fast …and produces more oil than soy, palm, or corn.
Over $2 billion has been invested in algae development over the past 18 months.
I’m Hoyt Thomas, president of OpenAlgae, and we take the algae out of the pond water, and then we take the oil out of the algae, through IP-protected technologies.
We make money by selling processing equipment and services to algae growers worldwide.
Our product is a truck that, located on-site, will continuously process algae — any algae — without the use of solvents.
Competing technologies are not as energy-efficient, and cannot scale for fuel production.
We have an operating prototype and a development team at the University of Texas at Austin.
We have our first paying customer, and we expect revenues of $100 million over the next five years.
We seek $3 million to build our first field units, build our management team, and build our IP position.
Please join us as we make oil from algae a reality.