biofuels Industry

Chevron is partnering up with the South San Franciscan company Solazyme to accelerate its research into algae derived biofuels. Solazyme has already developed a process to extract oil from algae that can then be turned into biodiesel. This agreement is on the heels of Chevron's October deal with the Department of Energy's Renewable Energy Laboratory to develop jet fuel and other transportation fuels from algae.

The quest by executives and venture capitalists to build a next-generation biofuels industry has made strides this year as oil reached $100 a barrel and the world's largest energy consumer laid down ambitious new mandates for alternative fuels.