Bill Gates has his hands in the green again, but this time, it’s algae.  His Investment Firm, Cascades Investments LLC, along with the Rockefeller family’s venture capital firm Venrock, the WellcomeTrust, and Arch Venture Partners have invested a total of 100 million dollars in Sapphire Energy.

Sapphire Energy, a San Diego based company that launched in May of 2007, says that it’s goal “is to be the world’s leading producer of renewable petrochemical products.” The companies website goes on to say “Critically important, there is no ‘food vs. fuel’ tradeoff. The process is not dependent on crops or valuable farmland. It is highly water efficient, delivering 10 to 100 times more energy per acre than cropland biofuels.”

According to the Wall Street Journal, “Sapphire is working towards a 10,000-barrel-a-day algae-based oil facility, and can now concentrate on production and engineering problems. Meanwhile, Gates’s involvement may signal a broader interest in alternative biofuels.”

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