a brief summary from a layman, page-15

This method of turning CO2 into oils and biomass using algae is unlikely to be feasible anytime soon. I think this is Linc doing what look to be the right type of things but selling its potential for more than its worth. As this uses sunlight, its not hard to work out you need a massive area to collect enough energy to do the conversion for a commercial plant. No doubt you can have a process for a pilot plant and it could even work. But I doubt you'll be able to scale it up and make it pay.

By the way, what makes you think that Linc are so special in this area that they can solve this problem with $1million and one year??

Algae's for converting CO2 into oils and biomass have been studied for decades. And the breakthroughs haven't occurred yet. I have my doubts on this. Linc should get their UCG plant running and worry about the CO2 once they have generated some products. That doesn't mean CO2 is not an issue to look at, but I doubt they can progress this and worry its just a distraction.