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The rising popularity of biodiesel is helping many companies grow rapidly. Two privately-held biodiesel-related companies are being recognized as among the nation’s 500 fastest growing of any type of company.

This article from Biodiesel Magazine says Inc. Magazine has rated Greenline Industries and Blue Sun Biodiesel among the fastest growing:

Larkspur, Calif.-based Greenline Industries, a manufacturer of biodiesel production equipment, as listed seventh on Inc.’s overall list and was the No. 1 energy company for 2008. The company was also at the top of the 100 businesses in the San Francisco-Oakland-Fremont, Calif., list. According to Inc. Magazine, Greenline has experienced a 10,000 percent growth rate since it was founded in 2002. In 2004, the company had $318,000 in revenue; in 2007, Greenline reported $35.1 million in revenue.

Blue Sun marketing director Steve Bond said the ranking proves that despite a tough year experienced by the biodiesel industry, companies can continue to grow. Blue Sun has enjoyed a 1,000 percent growth rate in the past three years and reported $14.1 million in revenue last year. Bond attributes the company’s prosperous nature to its trademarked premium B20 biodiesel blend – Fusion. “We’re doing the right thing by having premium biodiesel fuel that people can trust for their vehicles,” he said. “This shows this is the right path. People are responding to that.” Bond told Biodiesel Magazine that Blue Sun plans to expand its business in 2009 to include locations in Nebraska, Colorado and other states in the western United States.

Companies on the list must be privately-funded, U.S.-based, and not subsidiaries or divisions of other companies since December 2007; have been generating revenue since the first week of 2004; revenues in 2004 must have been no less than $200,000; and revenue in 2007 must have been at least $2 million.

Researchers at Virginia Tech have found a way to grow a compound important to human heart health using a plentiful by-product of biodiesel production.

This press release from the school says Zhiyou Wen, assistant professor of biological systems engineering in Virginia Tech’s College of Agriculture and Life Sciences, has found a way to grow omega-3 fatty acids, known for benefits but lacking in most Americans’ diets, using glycerol:

“High energy prices have led to an increase in biodiesel production, which in turn has led to an increase in the amount of crude glycerol in the market,” said Wen, who explained that biodiesel plants leave behind approximately 10 percent crude glycerol during the production process.

“We have shown that it is possible to use the crude glycerol byproduct from the biodiesel industry as a carbon source for microalgae that produce omega-3 fatty acids,” said Wen, who added that the impurities in crude glycerol may actually be beneficial to algal growth. “After thorough chemical analysis, we have also shown that the algae biomass composition has the same quality as the commercial algae product.”

The release goes on to say that the algae grown in the crude glycerol can be used as an animal feed, including fish and, possibly one day, poultry feed, giving the same omega-3 fatty acids to chicken that fish eaters enjoy.

Wen presented his findings at the recent at the 236th national meeting of the American Chemical Society (ACS) in Philadelphia, Pennsylvania.