Algae biodiesel company WHEN in two India projects

One project targets USD150 million in sales of biodiesel and food for commercial fish farms from 250 acres of algae, with an an Indian partner funding the project for a 70 percent equity stake. Another project targets USD35 million in revenue from a 45-acre algae farm.

WHEN produces algae oil in contrast to competitors such as KiOR and Solazyme, which distill cellulose from algae into ethanol.

It says it has found a way to cut the cost of producing algae oil 95 by percent, CEO Chaim Lieberman told Reuters. "When we scale up the project we will reach USD50 a barrel," he says, down from USD2,000 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.