The U.S. Department of Energy (DOE) has allocated $18 million in funding to six projects in an effort to reduce the modeled price of algae-based biofuels to less than $5 per CGE by 2019 and $3 per CGE by 2030.
Algal biomass can be converted to advanced biofuels and offers promising alternatives to petroleum-based diesel and jet fuels, according to the DOE. However, there are current barriers related to cultivation, harvesting, and conversion to fuels and products.
The $18 million invested in applied research and development technologies will help the DOE achieve higher yields of targeted bioproducts and biofuels from algae, according to the company.
Originally posted on Trucking Info