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ORYXE Energy International Selected as Finalist for Red Herring's 100 Most Innovative Companies
11.17.04, 12:31 PM ET
ORYXE Energy International announced today that the Company has been selected as a finalist on the Red Herring list of 100 Most Innovative Companies of 2004.
ORYXE Energy, which develops and markets proprietary, organic fuel additives for diesel, gasoline and heavy distillates to enable these fuels to burn cleaner, thus reducing toxic environmental emissions, was named to the prestigious list by Red Herring editors after they reviewed 1,200 applications from more than 900 companies. The complete list of 215 finalists is to be published in the magazine's Dec. 13 issue.
"We are honored that ORYXE Energy has been recognized by the editors of Red Herring, who are expert at identifying innovative products and companies," said Walter Schindler, Chairman of the Board and CEO of ORYXE Energy International. "Since our company was founded in 2001, we have known that ORYXE Energy is a forward-looking company with a unique solution to providing cleaner-burning fuel. To have our achievements formally recognized by Red Herring is exciting."
Recently, the Company's first product to market, ORYXE LED, became the first and only splash-blended diesel additive to win approval by the Texas Commission on Environmental Quality (TCEQ) for use in alternate plans as a qualifying fuel to meet Texas Low Emission Diesel requirements.
The approval of the ORYXE Energy additive marks the first time the TCEQ, which sets environmental standards for fuels sold in the state of Texas, has allowed both refiners and fuel producers the flexibility of meeting regulatory standards by blending an additive at either distribution locations or at refineries. No other diesel fuel additive has won the TCEQ's approval.
The agency's decision to allow ORYXE Energy to distribute its product for use in Texas will help alleviate supply concerns when new regulatory mandates for diesel fuel are enforced beginning October 1, 2005. These new mandates require on-road and off-road diesel to meet strict environmental guidelines for emissions reductions. Many refinery industry experts have questioned the ability of fuel producers to meet the market demand under the new regulations, especially because other methods would require enormous capital investment. However, with ORYXE Energy's solution, ORYXE LED can be splash-blended with standard federal diesel at the terminal or refinery, with minimal hardware expense.
ORYXE LED's approval by the TCEQ followed a rigorous engine testing protocol performed at the West Virginia University National Research Center for Alternative Fuels, Engines, and Emissions laboratory, recognized by the Environmental Protection Agency and certified by the California Air Resources Board. The tests were conducted under strict federal testing guidelines and procedures.
The tests showed that ORYXE LED demonstrated a greater than 5.7 percent reduction in Oxides of Nitrogen (NOx), greater than 20 percent reduction in Total Hydrocarbons (THC) the main contributors to smog formation, and approximately 10 percent reduction in Carbon Monoxide (CO) a poisonous gas, all major concerns for Texas air quality stewards. Widespread use of ORYXE LED in diesel fuel would result in reducing up to 6,000 tons of NOx annually.
About ORYXE Energy
ORYXE Energy International, Inc., (www.oryxe-energy.com) based in Irvine, Calif., develops, certifies, and distributes bio-additives that improve fuel performance and reduce toxic emissions from the combustion of hydrocarbons, such as diesel fuel and gasoline. The company develops and markets proprietary, organic fuel additives for diesel, gasoline, and heavy distillates to enable these fuels to burn cleaner, thus reducing toxic environmental emissions.
Odyssey Venture Partners (www.odysseyventure.com) of Newport Beach, Calif., is the lead venture capital investor in ORYXE Energy.
Forward-Looking Statements
Estimates, expectations, and business plans are forward-looking statements. Actual future results, including product introduction schedules, market receptiveness, regulatory approvals, and commercial viability, could differ materially due to changes in conditions affecting the industry, political, legal or regulatory developments, and market conditions.
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