Need for Biofuels; Role of Algae
The current Obama administration has increased government funding and mandates in support of renewable energy with many billions of dollars of new R&D funds. This government aid in the form of grants, subsidies and tax credits has created a tremendous opportunity to accelerate the development of algae-to-energy technology and grow the production of algae-derived oils from a infant industry to an actual one, with potential growth on a massive scale.
Huge markets for algae products exist in liquid transportation fuels, animal feeds, bio-plastics, renewable chemicals, and food-grade oils. According to the US Department of Energy, the long-term commercial potential of algal fuel and other high-value co-products is as high as $3 trillion, if and as algae replace fossil oils and oilseed crops as a platform for fuels, feed, fertilizers, chemicals and nutraceutical products. |
