US Energy Department plans to overhaul algae production
The US Department of Energy (DOE) is expected to spend up to $25 million (€19.8 million) on improving algae production and development.
The Department is working on reducing the costs of algae biofuel down below $5-per-gallon equivalent in petrol by 2019 by improving current technologies. If that doesn't seem very ambitious compare that to the state of play without innovation, which comes out to $8 per gallon.
By 2030, it is hoping to lower the cost of algal biofuel down to a $3-per-gallon.
By developing multipurpose facilities that produce algae based nutraceuticals and other high-value products, this would partly offset the cost of algae biofuel.
Section 932 (c) of the Energy Policy Act of 2005 provides the Energ Depaartment with the authority to spend public money on biofuels development.