In January of this year, Joule Unlimited received another $70 million in funding to pursue the expansion and commercialization of its biofuel process. The new money is marked for the build-out and operation of its facility in New Mexico. This, the company says, will help it show how its process can be expanded incrementally while still producing sufficient fuel to be a real
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algae fuel
The last several months have seen a flurry of activity in the aviation sector, as fuel price volatility and impending greenhouse gas regulations have goaded major airlines to ink deals for renewable jet fuel.
The latest involves British Airways, which struck a deal with Solena Group for 16 million gallons of jet fuel from waste.
The moves highlight the tremendous pressure airlines are under to keep costs low in an increasingly oil constrained world and regulated marketplace. During the last oil spike, fuel expenses, which historically ranged from 10 to 15 percent of US passenger airline operating costs, averaged more than 35 percent in the third quarter of 2008. According to news coming out of the International Air Transport Association, the marketplace for cheap fuel is about to get much more crowded.