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Japanese Venture Invests $5 Million Into Algae Biofuels 28

Algae biofuels are continuing to capture the imagination of industry.

Lab Cultured AlgaeJapanese companies, IHI Corporation, Gene and Gene Technology (G&GT), and theNeo-Morgan Laboratory (NML) recently announced the formation of a joint company hoping to create jet fuel from algae.

Working with Kobe University, G&GT has developed an algal species called "Enomoto Alga." It grows through photosynthesis absorbing carbon dioxide. "Enomoto" has the highest growth rate among all algal varieties that produce fuel, and multiplies in a month to an amount about 1,000 times more than that achieved by the original species before improvement.

The joint company will also incorporate NML’s experience in the industrial application of microorganisms as well as IHI’s design and construction technologies of bio-plants, and carry out R&D activities such as trial operation of a low-cost culture system, development of oil content separation and extraction methods, and further improvement of the Enomoto Alga variety. The company plans to begin with culturing algae in an extent of several dozen liters in the short term, and expand to several cubic meters in two years.

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The new company, called IHI NeoG Algae, plans to invest about 5 million USD during the first two years and hopes to supply test samples of algae-based jet fuel within three years with a price target of just $1.25 per liter (down from the current cost of $12.50).

Thu August 18 2011 11:57:03 PM by Octaform algae  |  investment 2964 views
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