US to invest €10.41 million in algae biofuels

The US Energy Department is planning to invest $14 million (€10.41 million) in the process of making transportation fuels out of algae.

'We could replace up to 17% of the oil we import for transportation with this fuel that we can grow right here in the United States,' says President Barack Obama.

The Energy Department is reportedly backing approximately $85 million (63.12 million) for more than 30 projects developing biofuels from algae.

The president is seeking to begin construction on at least 4 commercial-scale refineries for biofuels by 2013.

The Energy Department plans to ask small businesses, universities and national laboratories to create 'test beds' conducting research on algae biofuels.