I think it was
Exxon that just lost something like $100 million on researching 'algae-based-fuels', but their process (among others') resulted from a dry algae, requiring much time & energy pre & post-process.
This process uses 'wet algae'; that's the major difference. Using the 'reactor' is akin to cooking your chicken in an oven vs. a pressure-cooker; much greater efficiency. I believe Sapphire Energy is also using the 'wet' process, but that's not been revealed that I can find.
My 'geek' was stimulated by this research...fascinating.
I know of an "experiment" that involved a pressure vessel filled it with watered down saw dust about 40 years ago. It was heated until the bulkhead gasket blew. What came out ignited and created quite a massive blowtorch effect. After it cooled and was able to be taken apart, what was left looked like pure carbon that had been a liquid (crude) at one time. Don't try this at home!
So, the same process can probably be used with any carbon based material when mixed with a proportion amount of H2O under tremendous pressure and heat. And since it's just recycling carbon, there is no need for a carbon credit scheme.