We might get a little closer to one of the biggest questions in the algae world – why did investors put $100 million into Sapphire Energy – in about a month.

Sapphire eventually hopes to produce hydrocarbons from genetically modified algae grown in open ponds. Conceivably, it could be the cheapest and fastest technique for producing algae fuel. But it's also fraught with complications. Growing algae in open ponds for fuel oil at the moment is expensive and complex, and keeping GMO strains from being out-competed by natural strains in the open is even more daunting. Algae also naturally produce lipids, a precursor to diesel or hydrocarbons, not hydrocarbons.Getting the creatures to take that extra refining step will require some creative genetic engineering.

The company will make a "major" announcement regarding its technology in about 30 days, Tim Zenk, vice president of corporate affairs told me. Sapphire won't likely divulge its complete formula for GMO pond fuel, but he seemed pretty confident, so it should be interesting. Sapphire right now is growing algae in 22 acres of ponds in New Mexico and is examining 8,000 different strains of algae (many made in its San Diego laboratories) a day.

Last December, a Continental Airlines plane flew around Houston on fuel that in part was made from algae. Sapphire provided the algae oil for the flight, but it wasn't made through Sapphire's process. In fact, the algae didn't even come from the company: Sapphire obtained it from Cyanotech, an anti-GMO company in Hawaii. "We've flown a Boeing aircraft," Sapphire CEO Jason Pyle has said. Not exactly.

Today, Sapphire was in San Francisco with film producers and other algae companies to show off Algaeus. Not the Swamp God of the ancient Etruscans: Algaeus is a plug-in hybrid that will run on algae hydrocarbons. This time, Sapphire grew the algae and provided the oil, said Zenk. The oil did not come from GMO organisms, he admitted. The oil also did not emerge as a hydrocarbon from the single-celled creatures. Sapphire had to refine it into a crude. But still, it did make the oil this time and the algae content comes to about five percent of the fuel. Additionally, the car gets about 150 miles a gallon, which means that it might only consume a total of one to three gallons of algae oil on its cross country voyage (50 to 150 mpg X 3000 miles X 0.05).

Nonetheless, the company has attracted some top notch investors and scientists, so again, keep your eyes peeled.