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Sunday, April 8, 2012

Sapphire Energy Raises $144 Million for an Algae Farm

The government dumps $100,000,000 into an algae energy/diesel project because, well, it it will cost $9.84 to produce a gallon of algae diesel vs. $2.60 a gallon to produce petro-diesel. Just wait till the government mandates algae diesel!
This week, algae-biofuel startup Sapphire Energy announced it has received $144 million in new funding, which brings its total to over $300 million. The company, which is less than five years old, has been moving quickly to build a 300-acre algae farm as a large-scale demonstration of its process for making algae oils. The U.S. government has supplied over $100 million of the investments, including a $50 million Recovery Act grant designed in part to spur job creation.... According to one of the studies, it would cost about $9.84 per gallon to make algae diesel, as opposed to $2.60 per gallon for petro-diesel, at January 2011 costs. Other studies have estimated even higher costs.
Read the rest here
Technology Review 

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