Use of Algae might make sense
At least much more than corn, or likely wood
Going to "soft" structure rather than having to break down cellulose first.
Note that Venter will be "engineering" the algae.
Exxon to Invest Millions to Make Fuel From Algae - NYTimes.com:
"Algal biofuel, sometimes nicknamed oilgae by environmentalists, is a promising technology. Fuels derived from algae have molecular structures that are similar to petroleum products, including gasoline, diesel and jet fuel, and would be compatible with the existing transportation infrastructure, according to Exxon."