How much investment has Algenol received and when will they produce commercially viable algae biofuel?

[USA] Press release from Algenol on the 14th of September, 2015 announced – Algenol Agreement with Protec Fuel to Distribute and Market Algenol Ethanol.

According to the press release, Algenol and Protec Fuel expect to offer 18 million gallons per year from Algenol’s commercial plant, which is planned for development at a yet-to-be-announced location in Central Florida in 2016 and 2017.

Algae World News summarizes in a milestone chart about the history of Algenol as a guide for our readers.

History of Algenol (click to enlarge):

Algenol milestones

Last month in Seattle, during the visit of the Premier of China to the USA, Algenol’s CEO and Founder Paul Woods along with Wang Suwei, ZYNE’s Chairman of the Board, signed a memorandum of understanding (MOU) establishing the partnership for an carbon capture and utilization project. Algae World News notes that in 2013 – 2014, Algenol reported that hackers from China have attempted to break into its computers 39 million times over four monthstrying to access their technology.

Apparently that did not interfere with signing this deal.  (See picture below).

Algenol’s CEO and Founder Paul Woods and Wang Suwei, ZYNE’s Chairman of the Board in Seattle, WA
Algenol’s CEO and Founder Paul Woods and Wang Suwei, ZYNE’s Chairman of the Board in Seattle, WA

The question is: can Algenol achieve its announced targets of producing ethanol or other fuels for $1.30/gallon, or produce 8,000 or more gallons per acre a year (roughly 80,000 liters/hectare-yr)?

Algenol has made many announcements over the years about producing, in particular, fuel ethanol. For example, in 2008 it announced that it would be producing a billion gallons of ethanol by 2011 (See Biofuels Digest, Ethanol from seawater and algae gains large investment: a Biofuels Digest profile of Algenol, September 9, 2008, or Ethanol from seawater and algae gains large investment)

Not the first, nor the last time they have missed their announced production targets.

Indeed, no ethanol or other fuels have been sold by Algenol thus far, at least none have been disclosed. Thus the commercial future of this company is far from assured.

 

Exclusively reported by Algae World News (updated on 10/10/2015)

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6 thoughts on “How much investment has Algenol received and when will they produce commercially viable algae biofuel?”

  1. It sounds like they are already in trouble. Even if their technology ever works, how close are they to getting the economics to work, especially when gas is below $2 / gal? Hopefully they don’t pull a Solyndra, since they have some good ideas.

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