Japanese Company Delves Deeper into Algae Jet Fuel
May 24, 2017http://biofuels-news.com/display_news/12331/algae_jet_fuel_edging_closer_in_japan/
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The Japanese company Euglena is looking to commercialize microalgae jetfuel by 2020. The company is arranging equity tie ups with five companies in a bid to obtain the finances to accelerate their efforts.
Euglena's biojet fuel facility is scheduled to come into operation in 2019, with plans to supply fuel for buses and planes in 2020. The company hopes to begin mass production of the fuel at a new factory several years after that.
Among the companies is the agricultural machinery producer Kobashi Kogyo, which will provide 500 million yen while Chiyoda will invest 300 million yen. The other three, including Isuzu Motors and Itochu Enex, will put up 100 million yen each.
In 2016, the company reported sales of 11.1 billion yen, mostly from cosmetic and health products. The new biojet fuel business will significantly boost the income of the company to 100 billion yen by 2030.
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