Funding for Phycal Biofuel from Algae
The Department of Energy has awarded Phycal more than 27.2 million in federal funding for the further exportation of Algae based biofuel. As part of its program to promote beneficial reuse of carbon dioxide, the Department of Energy awards companies funding to create green solutions to carbon dioxide problems.
Oil from algae, Algal oil, can be turned into a drop-in diesel or jet fuel that has significantly more versatility and lower distribution costs than ethanol. Integration of the dual ethanol/biofuel plant affords precious economies that are vital to turn out a cost-competitive fuel product.
For more about it please see this release: DOE