I first read about this in a comment at the WSJ.com Energy Roundup.
A quick scan didn't find it, then again the commenter pretty much demanded "Wall Street Journal Editors" write a story, I've never found that to be very effective.
(an approach that did work is that used by the fellow who called DJ from a mental institution announcing a buyout of Dayton-Hudson Corp. It actually hit the wire.)
A group of dairy farm technology experts is building a $400 million biorefinery near Phoenix that could produce ethanol and biodiesel fuel from algae. That's a pretty big bet.
They seem creative too:
The refinery, named XL Biorefinery-Vicksburg, will use corn for ethanol production during its first year, then shift to algae by 2009, said XL Dairy Chief Executive Dennis Corderman.
Here's the story from the Phoenix Business Journal
I just tried to add a link to xldairygroup.com and got nothing. If there's no link tomorrow I'll pull the post and find the Dayton-Hudson lunatic buyout offer for you.