If I had any money then I would not mind investing in some of the more promising bio fuel areas. But I would also invest in other equally intriguing areas like solar collectors, optimal heat energy storage, steam, hydrogen etc etc.
For example UAE is investing in tried and true solar trough technology - http://en.wikipedia.org/wiki/Shams_solar_power_station
And here are some enterprising souls in Utah using wastewater ponds full of phosphates etc http://www.treehugger.com/corporate-responsibility/logan-utah-wastewater-lagoons-to-be-transformed-into-algae-biofuel-and-fertilizer-producing-facility.html
Solar still has probably most potential http://knol.google.com/k/-/-/1g0rrsoesmjko/dk53jz/sunniest-places-in-the-world2.jpg
Great progress was being made until we went to oil. For example Frank Shuman built the first solar thermal power station in Egypt in 1913. His plant used parabolic troughs to power a 60 horsepower engine that pumped thousands of gallons of irrigation water per minute from the Nile to near by fields.
In fact people have been working on the problem for 100 years and no one has found anything more economical than fossil fuels. Good thing we have decades and decades of it left to use.