Money, research spur race for algae as fuel source

Seattle PI
Last updated November 1, 2008 12:00 a.m. PT
By PHUONG LEASSOCIATED PRESS WRITER

SEATTLE -- Turning pea-green pond scum into cheap fuel for automobiles and airplanes is still years away, but supporters are still betting heavily with infusions of venture capital money and intensive research.

About $180 million in venture capital money has been raised for algae research, with more than half coming in the third quarter of this year, according to Cleantech, an industry research group.
Some academic institutes have set up dedicated algae research centers, and a handful of start-ups are planning to test algae on a larger demonstration projects in coming months.

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