The Irish government says it has a “significant” investment in algae technology to be used in fuel.
Energy Minister Richard Bruton said on Wednesday the company, Green BioFuel, is using algae to produce carbon-free energy.
Its algae-based biofuel will be sold in supermarkets and fuel stations in the country.
Its founder, Ian O’Brien, said algae has the potential to be a carbon-neutral alternative to fossil fuels, and could be used to fuel vehicles.
“If you look at the world, it is very difficult to find a sustainable fuel that is not a greenhouse gas, which is why I am really keen to invest in algae-produced biofuels,” he said.
He said the company had received a “massive amount of funding” from the Irish government to explore algae-made biofuel.
Its first product, a fuel made from algae called Oi, is available in supermarkets, and it has already been approved for use in petrol stations.
Its product is produced using algae cells and water from an algae pond at a facility in Cork.
Mr Bruton welcomed the “significant investment” from Ireland, and said it was “really exciting” that the company was already in the process of making its first product.
“We are a global leader in algae and biofuilable biofuils, with over 100 companies and research institutions working together to deliver solutions for the world’s most pressing climate issues,” he added.
“I look forward to further working with the Irish Government to make Green BioFuels a reality.”
Green BioFuel is currently in talks with a number of international suppliers.
It is also looking to enter the UK.
Its next product is an algae-fueled car, and Mr Bruton confirmed that the vehicle would be exported to the US and Europe.
The Irish Government has previously backed biofuers, including US company SolarCity, who are looking to expand into the UK and Europe, as the world grapples with the emissions of climate change.
Last month, the UK’s government announced it would invest in a £2.5bn renewable energy park in Cork, the world capital of the green technology industry.
Green BioFuel is now the world leader in the biofuel industry, having attracted investment from a range of investors including the UK, China and Singapore.
Its biofuel technology is based on algae and water, and produces carbon-based energy using carbon-dioxide.
Its carbon-fuelled fuel has a low carbon content, compared with traditional biofups.
The company’s first product is called Ojibwa, which uses algae cells to produce a mixture of hydrogen and carbon dioxide.
Its products can be used for electricity, and its algae-generated fuel is currently being tested in petrol station petrol stations in Britain.
Green biofuilities will also be developed in the US, Australia, the Middle East and China.