Algae biodiesel is still a fairly new technology. Despite the fact that research began over 30 years ago, it was put on hold during the mid-1990s, mainly due to a lack of funding and a relatively low petroleum cost. For the next few years algae biofuels saw little attention; it was not until the gas peak of the early 2000s that it eventually had a revitalization in the search for alternative fuel sources.
Increasing interest in seaweed farming for carbon sequestration, eutrophication reduction and production of food has resulted in the creation of commercial seaweed cultivation since 2017. Reductions in the cost of cultivation and harvesting as well as the development of commercial industry will improve the economics of macroalgae biofuels. Climate change has created a proliferation of brown macroalgae mats, which wash up on the shores of the Caribbean. Currently these mats are disposed of but there is interest in developing them into a feedstock for biofuel production.