With diminishing global reserves of crude oil and increasing demand, especially from developing countries, the pressure on oil supply will grow. Although the 2007-2010 fi‐ nancial crisis brought down the price of crude oil (per barrel) from a record peak of US $145 in July 2008, factors such as recovering global economies and political instability in the Middle East have restored the price of crude oil to the US$100 mark. At current rate of consumption, the global reserves of petroleum are predicted to be exhausted within 50 years [1, 2]. This, coupled with the deleterious environmental impacts that result from accumulating atmospheric CO2 from the burning of fossil fuels, the development of af‐ fordable, and environmentally sustainable fuels is urgently required. Many countries have responded to this challenge by legislating mandates and introducing policies to stimulate research and development (R&D) and commercialization of technologies that allow the production of low cost, low fossil carbon emitting fuels. For instance, the Euro‐ pean Union (EU) has mandated member countries to a target of deriving 10% of all transportation fuel from renewable sources by 2020 [3]. Between 2005 and 2010, renewa‐ ble energies such as solar, wind, and biofuels have been increasing at an average annual rate of 15-50% [4]. Renewable energy accounted for an estimated 16% of global final en‐ ergy consumption in 2009 [4].