Power From Pond Scum

Kevin Berner is a 52 year old CEO and founder of Phycal. He believes that algae is the cure for America’s fossil-fuel addiction. Algae plants are said to be able to produce up to 100 times more oil per acre compared to corn the nation’s favorite biofuel. Berner has loved the idea of algae from 2004 when he stepped down from a three year stint at McKinsey Co and now he turned to renewable fuels. If the algae business blooms Berner won’t have it all to himself. “In the past two years, the number of players developing algal fuels around the world has tripled, to more than 70”, says Harry Boyle, lead biofuels analyst at London-based consultants New Energy Finance. Some of these companies include BP, Exxon Mobile, and Shell. Berner is building a pilot plant using natural algae strains in Hawaii. It's on track to open in 2010 and should deliver biofuel at about $4 per gallon. This is on par with the state's high oil prices.