According to an article from Biology News.Net, researchers at
This discovery could jump start a fast and efficient new way of producing fuel. With this new research put into effect, we would no longer have to rely on fossil fuel. Research in biofuel has been mainly focused on terrestrial plants, but there is a conflict on using land to grow food or fuel. Since Marine ecosystems account for more than half of global biomass and are relatively unused, this could be a remarkable solution. Hopefully we see more research put into this discovery and have seaweed fuel put to use in the near future.
http://www.biologynews.net/archives/2011/07/05/biofuels_from_the_sea.html
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