The Algae Fuel Prize of $10 million by Del Mar-based Prize Capital

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The Algae Fuel Prize, offered by Del Mar-based Prize Capital, was announced at this week's Algae Biomass Summit, a meeting in San Diego of experts in using algae for fuel, food, purifying water and other purposes.

The goal is to offer $10 million, said Lee Stein, Prize Capital's founder.

Stein said the actual amount may change, because the rules and guidelines for the prize aren't final. But the main goal is fixed, he said, which is to add a new source of fuel and not to compete with food crops, as with ethanol made from corn.

"We want to work with third-generation biofuels: Land that cannot be used for food," Stein said. "That was our primary concern."

Stein made the announcement at the close of Wednesday's session of the Algae Biomass Summit, briefly taking the stage to show a video about the prize and explain its goals. A sponsor for the prize will be announced soon, he told the audience.

The Algae Fuel Prize's rules specify that the winner must produce 3,000 net gallons of diesel fuel per acre at a cost of no more than $3 per gallon. The net quantity is obtained by subtracting the gallons of fuel used in producing the algae from the yield. Prize Capital will also work to arrange buyers for the fuel.

More information is available at www.prizecapital.net.

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