Paul Woods didn't blindfold me as we drove through the overgrown plantations outside West Palm Beach, Fla., but he looked as if he was considering it. Woods is the brash 46-year-old CEO of biofuels start-up Algenol — and he takes his company's secrecy seriously. Aside from officials from the U.S. Department of Energy, I was the first outsider ever to visit Algenol's modest testing facility. We turned off a country road opposite a llama ranch, and stopped at an unmarked circle of trailers in the middle of a clearing in the palm trees. There, sitting on a section of concrete half the size of a basketball court, was what Woods has been hiding from the world: several rows of long white tubs fitted with plastic windows that let in sunlight, each filled with a liquid the dark green of moss. The mixture was water and algae — microscopic plantlike organisms that feed off sunlight and carbon dioxide. With the proprietary algae happily multiplying, Woods explained that he and his partners intend to produce a biofuel greener and cheaper than oil or corn-fed ethanol: "We want to do 20 billion gallons eventually, and we will compete on price. We're a year away from sales."
This sort of audacious prediction used to be commonplace in the biofuel industry, but 2008 was not kind to those who want to replace petroleum with plants as delegates gathering at the World Future Energy Summit in Abu Dhabi on Jan. 19 are sure to discuss. The U.S. corn-ethanol industry, which had grown fat on government subsidies, crashed last year. Perhaps worse, a series of influential studies argued that, far from being a green alternative, corn ethanol drives food-price inflation and produces higher levels of greenhouse-gas emissions than gasoline, because biofuel subsidies encourage forest-clearing. "If anything, traditional biofuels like ethanol and biodiesel are moving us in the wrong direction," says Nathanael Greene, an analyst at the U.S.'s Natural Resources Defense Council (NRDC).
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