The U.S. Department of Energy (DOE) has allocated $18 million in funding to six projects in an effort to reduce the modeled price of algae-based biofuels to less than $5 per CGE by 2019 and $3 per CGE by 2030.  

Algal biomass can be converted to advanced biofuels and offers promising alternatives to petroleum-based diesel and jet fuels, according to the DOE. However, there are current barriers related to cultivation, harvesting, and conversion to fuels and products.

The $18 million invested in applied research and development technologies will help the DOE achieve higher yields of targeted bioproducts and biofuels from algae, according to the company.