Algae Biomass Organization Applauds Department of Energy's Announcement of $25 Million in Funding to Reduce Costs of Algae Biofuel Production

SAN DIEGO, CA--(Marketwired - Oct 2, 2014) - The Algae Biomass Organization today applauded the Department of Energy's announcement of up to $25 million in funding that will be used to advance technology and production methods that will drive down the costs of biofuels and other bioproducts that are produced from algae. David Danielson, Assistant Secretary of Energy Efficiency and Renewable Energy at the Department of Energy announced the funding at the 8^th Annual Algae Biomass Summit, the largest algae conference in the world.

"We are grateful for the Department of Energy's ongoing commitment to cost-competitive biofuels and bioproducts derived from algae," said Matt Carr, Executive Director of the Algae Biomass Organization. "This announcement's focus on commercializing algae technologies shows that the industry has made enormous strides developing algae into a source of energy, renewable products, economic development and improved national security."

The funding is part of the DOE's goal of reducing the cost of algal biofuels to less than $5 per gasoline gallon equivalent by 2019. Funds will support two topic areas: developing algae cultures that can produce both fuels and bioproducts that increase the overall value of the biomass; and developing crop and carbon dioxide utilization technologies that boost algae yields.

The announcement was made at the 8^th Annual Algae Biomass Summit to more than 600 of the world's leading algae researchers, scientists, entrepreneurs, labs, startups and global Fortune 500 companies. Many of these companies are marketing algae-based products and operating or commissioning new commercial demonstration facilities that produce algae-derived fuels, fertilizers, plastics, nutritional ingredients and other products.

Products made from algae are the natural solution to the energy, food, economic and climate challenges facing the world today. This tiny but powerful organism has the ability to simultaneously put fuels in vehicles, reuse CO₂, provide nutrition for animals and people and create jobs for millions of Americans. More information can be found at www.allaboutalgae.com.

About the Algae Biomass Organization
The Algae Biomass Organization (ABO) is a 501 c(6) non-profit whose mission is to promote the development of viable commercial markets for renewable and sustainable commodities derived from algae. Its membership is comprised of people, companies and organizations across the value chain. More information about ABO, including its leadership, membership, costs, benefits and members and their affiliations, is available at the website: www.algaebiomass.org.