The company has prepared some videos on the challenge below.

According to the company here is why Algae has been chosen for feedstock to be used by prize contestants.

In response to current renewable fuel shortcomings, ‘2nd generation’ renewable fuel technologies have emerged.  These technologies are inherently more efficient than 1st generation technologies because they use more of the plant to produce fuel.  So, instead of just using the ear of the corn, 2nd generation technologies are able to break down the other components, such as the stalk, into its constituent parts, which are sugars bearing carbon and can be synthesized into more complex hydrocarbons.

While appealing from both environmental and efficiency viewpoints, undertaking this process is incredibly difficult to do without applying large amounts of heat, pressure or chemicals.  Accordingly, these fuels are suitable not as an end but more as a stepping stone to fuels that have the inherent advantage of simple, productive, and scalable production.  Algal and other 3rd generation renewable fuels heed that calling.