GreenFuels announce algae biofuel project  

AP reports that Greenfuel Technologies is building an algae to biofuel plant in Spain - GreenFuel, Aurantia announce joint algae project.

Biofuels company GreenFuel Technologies said it is moving forward on a 247 acre project in Spain that will grow algae for use in fuel, as well as food and animal feed.

The company is partnering with Spain's Aurantia SA on the $92 million venture at the Holcim cement plant near Jerez, Spain, where they plan to build greenhouses producing 25,000 tons of algae biomass per year.

Aurantia said the project could be eligible for subsidies from both regional authorities and the central government, which will partially offset its development costs. "We believe algae hold great promise for Spain as they can be harvested daily, rather than seasonally, use water very efficiently and do not require arable land like other crops," Rafael Naranjo, Aurantia Group's chief executive and chairman, said in a statement.

GreenFuel Technologies Corp. said it has successfully grown a variety of naturally occurring algae strains in Jerez using Holcim flue gases. The second phase of the project began with the successful inoculation and subsequent harvests of a prototype vertical thin-film algae-solar bioreactor.