Hard Lessons From the Great Algae Biofuel Bubble
http://www.greentechmedia.com/articles/read/lessons-from-the-great-algae-biofuel-bubble#gs.TL=gPNo
From 2005 to 2012, dozens of companies managed to extract hundreds of millions in cash from VCs in hopes of ultimately extracting fuel oil from algae.
CEOs, entrepreneurs and investors were making huge claims about the promise of algae-based biofuels; the U.S. Department of Energy was also making big bets through its bioenergy technologies office; industry advocates claimed that commercial algae fuels were within near-term reach.
Jim Lane of Biofuels Digest authored what was possibly history's least accurate market forecast, projecting that algal biofuel capacity would reach 1 billion gallons by 2014. In 2009, Solazyme promised competitively priced fuel from algae by 2012. Algenol planned to make 100 million gallons of ethanol annually in Mexico’s Sonoran Desert by the end of 2009 and 1 billion gallons by the end of 2012 at a production rate of 10,000 gallons per acre. PetroSun looked to develop an algae farm network of 1,100 acres of saltwater ponds that could produce 4.4 million gallons of algal oil and 110 million pounds of biomass per year.
Nothing close to 1 billion (or even 1 million) gallons has yet been achieved -- nor has competitive pricing.
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Mad Poet Strikes Again.
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