Algae biofuels production is increasingly attracting the attention of large corporations. ExxonMobil is perhaps the best example of one of these companies, as it has allocated up to $600 million for algae biofuels research and development over an initial five-year period.
Governments are also increasingly involved, as they too recognize the economic, environmental and national security benefits of home-grown energy. US Federal Government support in the form of R&D, grants, and loan guarantees, now approach a billion dollars. State and local governments have added several hundred million dollars to help establish algae production projects.
There has also been greater interest in streamlining the regulatory environment so that algae companies to develop more quickly within existing frameworks for regulation and safety. State regulators are starting to acknowledge that this new industry does not necessarily require new rules. At the federal level, there is mounting support for policies that promote clean energy overall, without favoring one technology over another.
The trends are moving in the right direction for algae.
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Industry snapshot with Mary Rosenthal, ED, Algal Biomass Organization
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