Future Market Insights has announced the addition of the “Algae Biofuel Prospects Market: GCC Industry Analysis and Opportunity Assessment 2014 – 2020” report to their offering. The report discusses how a new concept of alga culture has come up to produce bio fuels. Algae costs more per unit than other bio fuel crops but is claimed to yield 10 to 100 times more fuel per unit area. In 2014, the prices of oil were between US $ 56 to US $ 120 per barrel. The cost of producing micro algal biomass in 2014 was US $ 2.95/kg through photo bioreactors. If the annual biomass production capacity is increased to 1000 tons then the cost will reduce to US $ 1.5/kg for a litre of crude oil. The extraction of biofuels from algae is largely dependent on organic solvents such as benzene. The companies that are working on innovating algal biofuel technology are Algenol Biofuels Inc., Blue Marble Productions, Solazyme Inc., Sapphire Energy Inc., Diversified Technologies Inc., Origin Oils Inc., Proviron Industries nv, Oilgae and Genifuel Corporation. Read the full press release here.
