Tesla-Inspired Japanese Pond Scum Venture Bets Big on Jet Fuel
- Euglena is investing half its revenue in a biofuel test plant
- Director Nagata says taking big risks like Tesla is needed
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A tiny algae developer in Japan is betting its survival on biofuels in a big way -- a bravado its director says matches only that of Elon Musk’s.
Euglena Co., a Tokyo-based maker of nutritional supplements, is spending 5.8 billion yen ($53 million) on building a test refinery that converts algae into biofuel used to power jets and vehicles. The investment is equal to about half of last year’s total revenue, though it’ll only produce 5 barrels a day. For comparison, larger processor JXTG Holdings Inc. has a daily refining capacity of about 320,000 barrels at its biggest plant.