Armed and ready for action, the U.S. Navy's Sikorsky MH-60S Seahawk helicopters are fear-inducing machines. However, we'd be willing to bet that most of the U.S.' opponents have no clue that this bird can take to the skies powered by algal-derived fuels.
Solazyme, a renewable algae-based fuels company headquartered in San Francisco, CA, has announced the closing of its initial public offering (IPO). According to the renewable fuels firm, the company netted $227.18 million by letting 12,621,250 shares fly at a price of $18 per, above the previously estimated $15 to $17. Additionally, the underwriters exercised their 30-day option to purchase an additional 1,646,250 shares of common stock to cover over-allotments. The offering included 600,000 sha
Approximately 17 percent of oil imported into the U.S. to be burned in vehicles could be replaced by algal fuel by 2022, according to a study conducted by the Pacific Northwest National Laboratory (PNNL). That is, if the U.S. makes a commitment to reduce its dependency on foreign oil by focusing on production of algal fuels. Mark Wigmosta, lead author of the study and a PNNL hydrologist, said in a statement that:
We've featured San Francisco-based Solazyme several times over the past few years, most notably for creating jet fuel from algae. Back then, the company estimated its algae-based fuel would be competitive with $40- to $80-per-barrel oil prices, to say nothing about the current $100-a-barrel prices.
Making biofuel from algae is not a new technology (getting it to work in commercial-scale plants at reasonable costs, that's another story), but it's also not one that is fully developed. Japan, for example, started a national algae biofuel project in the 1990s, but $10 barrels of oil killed that pretty quick. Now, Toyota has announced it will work with Hitachi and 40 other Japanese companies on a new national algae project. This one will try to make algae-basd biofuels, cosmetics and food. So,
The DOE is getting ready to spend $85 billion on research to create biofuels made from algae and other advanced techniques. The American Recovery and Reinvestment Act funds will be made available "for the development of algae-based biofuels and advanced, infrastructure-compatible biofuels" that can be brought "to market in an accelerated timeframe."