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Despite high hopes and decades of research, algae fuels remain mired in unforgiving economics. PetroAlgae, based in Melbourne, hopes its technology will provide the needed breakthrough to make algae the fuel of the future, according to Fred Tennant, vice president for business development with PetroAlgae.
The company is searching for better, cheaper ways to squeeze oil out of algae while trying to squeeze the high costs out of algae farming, he explained.
PetroAlgae was created in 2006 by XL Tech Group, a 15-year-old Melbourne firm that creates companies to address specific needs in the marketplace. In this case, XL Tech saw a need for cheap oil that could be made into a biodiesel without diverting food crops. PetroAlgae, which licensed technology from Arizona State University, has grown to 91 employees with a lab and an algae farm. Tennant hopes to complete a 20-acre demonstration farm early next year.
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Nature gave us oil from algae; perhaps we should try Nature's way again
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