If Japan firm succeeds, jets will fly on algae fuel
Tying up with ANA and Chevron, Euglena hopes to commercialise bio jet fuel by 2020
Tokyo
THE future of Japan's biofuel industry may be pond scum. Or, more specifically, green algae that's swirling around in tanks on a tropical Okinawan island. That's what Mitsuru Izumo and his company Euglena Co are counting on anyway.
After 10 years developing the algae as a nutritional supplement that feeds the company's US$37.8 million in annual revenue, Euglena has been teaming up with corporate giants including All Nippon Airways and a unit of Chevron Corp for its next phase. Excited investors have driven up the shares more than 24 times since its 2012 initial public offering (IPO), the best performance of any IPO that year or since.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Gold prices set for weekly decline ahead of US inflation data
Pricey coffee is here to stay as hoarding, heat hit Vietnam supply
Oil settles higher as weak US economic growth offset by supply concerns
India's Vedanta misses Q4 profit estimates on lower prices
BHP targets Anglo American in bid valuing miner at US$39 billion
China's Sinopec charts global expansion with refinery in rival India's backyard