The San Francisco Business Times awarded Solazyme Inc. with the Bay Area Business Award for Renewable Energy Fuels, KGO’s Green Right Now reported Tuesday.
Located in San Francisco, Solazyme has created a process that converts algae into oil that could be used in place of petroleum.
As gas prices quietly creep back above $3 per gallon, alternative fuel sources are becoming more attractive. Crude oil prices are still hovering below the $100 per barrel level and are showing a downward trend.
This algae-based oil is also interesting in light of concern on corn-based fuel products. As more companies moved to create biodiesel from corn, food corn prices began to rise. In addition, a recent Swiss study showed that the environmental impact from corn-based biofuels may be worse than fossil fuels.
Algae-based fuel producers recently began lobbying the U.S. government for funding, the New York Times reported in April.
