Nevada-based Russell Industries, primarily known for its lucrative uranium mining operations, is looking at expanding into the biodiesel business.

This company press release says it’s moving into algae biodiesel development because of the massive amount of federal money to be poured in to green energy:

At this time the Company is focused on renewable energy, specifically, its Houston Algae Farm Project which will produce Algae oil and Bio mass to be sold as feed stock to bio diesel refineries and to the bio-gasoline, cosmetic, pharmaceutical, bio-plastics and organic industries, respectively. Specifically, in 2009, RIND plans to develop a full scale operational model that will be the first of its type to be located in Houston, Texas. The model will utilize closed photo bio reactors to grow Algae oil and Bio mass for commercial purposes.

“$60 billion has been allocated for alternative energy in the current stimulus bill. Washington has a clear mission to reduce dependence on foreign oil and develop alternative energies. RIND’s timing to market is ideal. Annually the demand in the U.S. for diesel fuel is 80 billion gallons, yet total production of biodiesel is around 450 million gallons, leaving the market for biodiesel virtually underserved,” said Rick Berman, President and CEO.

You can check out more about the company’s plans at www.russind.com.