SAN DIEGO, Oct 09, 2009 (North County Times – McClatchy-Tribune Information Services via COMTEX) — NCBH | Quote | Chart | News | PowerRating — Just as the Ansari X Prize jump-started private space flight, a North County venture capital firm has started a competition to produce commercially viable fuel from algae.

The Algae Fuel Prize, offered by Del Mar-based Prize Capital, was announced at this week’s Algae Biomass Summit, a meeting in San Diego of experts in using algae for fuel, food, purifying water and other purposes.

The goal is to offer $10 million, the same amount as the Ansari X Prize, said Lee Stein, Prize Capital’s founder.

Stein said the actual amount may change, because the rules and guidelines for the prize aren’t final. But the main goal is fixed, he said, which is to add a new source of fuel and not to compete with food crops, as with ethanol made from corn.

“We want to work with third-generation biofuels: Land that cannot be used for food,” Stein said. “That was our primary concern.”

via NCBH Prize announced for commercial fuel from algae: $10 million incentive modeled after X-Prize for private space flight..

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