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An Arizona State University spinoff company has secured $3 million in public and private funds to advance its technology that converts algae to jet fuel. Two ASU scientists who are developing the technology have already proven it works in the lab. Now, they are growing algae in solar tubes at ASU's Polytechnic campus to demonstrate the renewable fuel can be produced on a larger scale.
The brains behind the algae-to-jet-fuel concept are ASU professors Qiang Hu and Milton Sommerfeld, who head ASU's Laboratory for Algae Research & Biotechnology.
Arizona Technology Enterprises negotiated a licensing agreement with a private investment group, Heliae Development, that will return fees and a share of any commercialization income to the university. Heliae, led by Frank Mars, will also invest $1.5 million in the technology. Several members of the Mars family are privately investing in the technology
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