Energy | May 04, 2012 |
Algae Biodiesel Company WHEN Commercializing in India
World Health Energy Holdings (WHEN.PK), a US-Israeli company commercializing algae-based biodiesel, has plans for two projects in India this year, and is targeting over $200 million in sales in 2013, reports Reuters.
One project targets $150 million in sales of biodiesel and food for commercial fish farms from 250 acres of algae. India-based Prime, which provides transportation services to the oil industry, is funding the project for a 70 percent equity stake.
Another project targets $35 million in revenue from a 45-acre algae farm.
WHEN says both projects will be operational in mid-2013 and is talking with utilities in South Africa and Italy, as well as the U.S. Navy on similar projects.
The company has completed a pilot project in Israel and sold small amounts of algae to the pharmaceutical industry there.
WHEN has found a way to cut the cost of producing algae oil 95 percent, CEO Chaim Lieberman told Reuters. "When we scale up the project we will reach $50 a barrel," he says, down from $2000 a barrel 11 years ago when WHEN started.
Part of what reduces the cost is a wave machine that keeps the algae moving and plastic sleeves that maintain a closed environment. It uses non-arable land or recycled water to grow algae, and produces 180 times the amount of fuel as corn or soy on the same land.
Oris Investments, a clean tech venture fund, is backing WHEN with $1.5 million, along with several private investors.
India's Five-Year Plan
The working group developing India's 12th Five-Year Plan (2012-2017) says the government intends to spend $44.6 billion on its various missions, such as its National Solar Mission.
Government is already spending 2.5 percent of GDP on climate change adaptation, they say and plans to invest heavily in helping its largest industry - agriculture - become more resilient.
Renewable energy investments reached $10.3 billion
in 2011, 52 percent higher than the $6.8 billion invested in 2010, the highest growth of any significant economy in the world.
Photo by Jukka/flickr/Creative Commons
Reprinted with permission from SustainableBusiness.com