The gist of the analysis is that algal biodiesel will cost $850 per barrel.

Here's the conclusion:

Conclusions
1. Maximum achievable density of solar capture with industrial photobioreactors is on the order of 6.5-10.5 W/m2, which compares with terrestrial yields of 0.3-1W/m2 Such densities of solar conversion do not justify even the most inexpensive capital and operational outlays for PBR buildout and operation.

2. Algal microorganisms operating with maximum photosynthetic efficiency allocate only a limited fraction of the captured solar energy into lipid production. Only this limited fraction can be processed via the lucrative biodiesel pathway and the rest of the biomass will have to be allocated to less profitable products.

3. A PBR-based biodiesel plant operating at maximum efficiency is not economically feasible at fuel prices below $800/bbl.

4. A PBR-based biodiesel plant will have a maximum carbon mitigation potential of less than 30 kgCO2/m2/yr

5. Biofuel production in PBR-based plants compares unfavourably with other alternative technologies for liquid fuel production, carbon mitigation and solar energy.

6. Hype surrounding some alternative energy startups sometimes disregards the laws of physics and other fundamental principles.

I have read, and disagree with, some of Dimitrov's assumptions. Further there is a significant body of work now being generated to show that there is a path forward for biofuel from algae, and the gist of some of the experimental studies are that Dimitrov is not totally accurate. Certainly our numbers for the costs are significantly less than are being thrown around, and most of those in the business can show paths that get the price down quite significantly. But to do this every part of the process has to contribute, which means that, from the beginning, the approach has to be an integrated one. Sadly at the moment most aren't.