Massachusetts, US-based renewable energy company Bodega Algae and Maine-centred Bigelow Laboratory for Ocean Sciences have received a $150,000 six-month Small Business Innovation Research (SBIR) grant from the National Science Foundation to develop and test a prototype for growing high concentrations of algae for use as biofuel.
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There are many people developing open source algae reactors and processing info on the web. Check out algaegeek.com as a great example. http://algaegeek.com