New research predicts nearby algae biofuels boom

A new report conducted energy research publisher SBI claims algae biofuels technologies should grow by double digits in the short-term.

The report states algae biofuels will post a compound annual growth rate of 43.1% and lead the market to $1.6 billion (€1.29 billion).

Investment by strategic partnerships and internal company revenue growth, which are slowly replacing government grants, is a main reason for this predicted growth.

‘Strategic partnerships from ExxonMobil, Chevron, BP, Dow Chemical, Desmet Ballestra and many others will drive the investment needed to successfully commercialise algae biofuels,’ says SBI publisher Shelley Carr. ‘Private investment and venture capital will also provide funding through 2015.’

Algae biofuels are an attractive proposition to many as it provides a high yield per acre and also has a very low environmental impact.