AlgaeTek to target fuels in algal pilot

In Florida, Atlas Capital Holdings Inc. announced that its wholly-owned subsidiary AlgaeTek System’s pilot program to produce algae will include biofuel applications. The Company expects the pilot program to generate over $500,000 in revenue in the first six months of production.

The USDA, Department of Energy and the U.S. Navy announced its commitment to directly invest up to $510 million to retrofit and/or build facilities capable of producing drop-in replacement fuels. Funds from the private sector will be matched, bringing the total potential available capital for the program to more than $1 billion.