$50 Million Allocated to Support Algae Research
As part of the DOE’s announcement last week to provide $786.5 million from the American Recovery and Reinvestment Act to accelerate advanced biofuels research and development, the DOE allocated $50 million to create an algae biofuels consortium to accelerate demonstration of algae biofuels. As many companies are working toward the commercialization of algae biofuels, this infusion of money into research and development will help to promote commercially feasible algae biofuels production.
Additionally, Prize Capital, LLC has announced the creation of a $10 million algae fuel prize that is focused on advanced algae biofuels technologies. While the final details of the competition have not been released, planning is underway.
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