This year will be the year of bio-based chemicals made from algae … that according to the CEO of OriginOil, algae-to-biofuel maker.

Riggs Eckelberry made the prediction on MoneyTV, an internationally-syndicated weekly business television program.

“2011 is the year of biochemicals made from algae.”

OriginOil on MoneyTV, 6 Jan 2011 from OriginOil on Vimeo.

Eckelberry says some major players in the algae-based biochemical business have received funding, especially in the plastics field. He says utilities will also be a big catalyst behind the growth of algae use.

“A power plant is never going to grow algae. They make power. So, for them, it doesn’t work unless an integrator that comes in and does all the engineering and operation. And those are the key players that are going to come into the market.”

Eckelberry points out all the things that use petroleum, such as plastics and fuels, can be substituted with the renewable oil from algae. Plus, the algae can also be used as a nutritional item.

He adds that his own company will be focusing on the oil extraction from algae process.