After $100 Million, Exxon Backs Off Algae as Fuel

[Socialistlemur]

39. Here is more information from Bloomberg

Quote:

"Exxon and Synthetic Genomics have been exploring algae as a source of oil that could be converted in existing refineries to conventional transportation fuels such as gasoline, diesel and jet fuel. Algae cells produce lipids, or oils, as they grow that can be harvested to make fuels. The companies have collected thousands of wild algae strains that thrive on sunlight and carbon dioxide and optimized them for oil production using biotechnology in the lab, though that work has had limitations, said Synthetic Genomics’ Chief Technology Officer James Flatt.
Results since 2009 have indicated that “simple modifications of natural algae would not provide a level of performance that we believed would be economical or viable for a commercial solution,” Flatt said yesterday by telephone."

http://www.bloomberg.com/news/2013-05-21/exxon-refocusing-algae-biofuels-program-after-100-million-spend.html

The article says these companies will have to continue with basic research, and it may take 25 years to get results. The guy who founded the company, Craig Ventner, is a self promoter and a big time salesman. Got to be careful separating the hot air from useful information when this guy or his representatives speak.

There's a viable biofuels industry right now, it uses soy and sugar cane. But it's based in tropical countries or countries with lots of land and water. Brazil and Argentina are good examples.