Could the next green fuel be pea-green pond scum? Supporters think algae could someday be turned into cheap fuel for automobiles and airplanes, and are betting heavily with infusions of venture capital money and intensive research.
About $180 million in venture capital money has been raised for algae research, with more than half coming in the third quarter of this year, according to Cleantech, an industry research group.
Some academic institutes have set up dedicated algae research centers, and a handful of start-ups are planning to test algae on larger demonstration projects in coming months.

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