It looks that way. I expect the Algae theory to be replaced with another scheme after a while.
Seems that the only people who are even close to making money on algae are those who market to niche buyers with exacting requirements, like food production & makeup.
Others have been working on algae production for many, many years, I don't see how a new player with no experience can pop up and hope to find the magic formula the old pros have all missed.