The federal government awarded Sapphire Energy, a green energy concern, more than $100 million for a project that is behind schedule, has only created a fraction of its expected jobs, and is, according to some experts, at least a decade away from creating a viable product. Founded in 2007, Sapphire is working to develop algal biofuel—a replacement to crude oil made from algae and able to be refined into gasoline, diesel, or jet fuel.
Sapphire raised $100 million from private investment firms, including ARCH Venture Partners. Bob Nelsen, a founding partner of ARCH, served on Obama’s National Finance Committee during the 2008 campaign. The company has received $104.5 million from the federal government, roughly half of which were 2009 stimulus funds from the Department of Energy, to build an algae-based biofuel operation in Columbus, New Mexico...more
1 comment:
This algae produced fuel has a nice way of growing in your fuel tank. Hard to pass it through injectors.
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