Our story

OliOil.iO is a pioneering concept in the oil and cargo industry. The company utilizes automated vessels and equipment to collect, destroy, and transport oil. OliOil adapts its response plans to the changing environment and oil conditions at sea by leveraging the latest technologies such as AI, robotic IOT tools, and satellite navigation systems. It was founded in 2023 after research conducted by LUT University in Lappeenranta, Finland, which led to the development of an AI robotic platform and service structure in collaboration with international coastguards and oil distribution companies. During the research, it was discovered that the average cost of cleaning up oil spills worldwide varies from $50 to $400 per liter of spilled oil. The total cost to clean oil spills annually is estimated to be 132 375 000 000 dollars.

In the United States, around 15 such spills occur each day in navigable waters, while about 85 occur on land due to human error, either directly or indirectly, which causes 30% to 50% of oil spills. Equipment failure or malfunction causes 20% to 40% of all spills.

Many response organizations now operate under cost-recovery schemes, charging the companies that own them, clients who use their services, or neighboring cooperatives or non-members for the costs of their services. Cost recovery has made it easier for cooperatives to work outside their areas of responsibility.

All petroleum shipping agencies are covered by some form of insurance, which allows spill operations to be conducted under cost recovery. Insurance firms, sometimes referred to as indemnity clubs, have experts who monitor spill control operations to ensure that cleanup is conducted cost-effectively. International agreements are in place to ensure that tanker owners are covered by insurance and that certain minimum standards for oil spill cleanup are maintained.

By securing oil shipping more effectively OliOil will be one of the rings in the logistic chain that will make transport greener and more cost-effective to the whole industry using oil in the future.

–The Basics of Oil Spill Cleanup, Third Edition Merv Fingas