One of the earliest algae companies, Algenol has been testing its tubes of ethanol-producing so-called photo-bioreactors for four years.

FORBES: In Washington, Algae Is Treated Like Slime

He confirmed the government would be producing a strategy for creating so-called "green collar" industrial jobs early next year.

BBC: Miliband: Criticism 'part of job'

While keen to put expectations in perspective, D1 Oils, in partnership with oil company BP, has announced plans to plant 50, 000 hectares of so-called "elite seed" this year, capable of producing 2.7 tonnes of oil per hectare.

CNN: Hedging their bets