Nannochloropsis oceanicais one of six species of the genus Nannochloropsis which has drawn attention as a potential feedstock for the production of biofuels, nutraceuticals, and industrial chemicals due to its high productivity and oil content. Recent progress in transformation and targeted gene replacement by homologous recombination in N. oceanica promise rapid progress in the elucidation of pathways of storage compound synthesis and their regulation. Given also its small genome, genetic engineering and ultimately synthetic biology approaches towards improving its productivity and versatility have come within reach. A team of MSU researchers and external collaborators coordinated by the laboratory of Christoph Benning has released a draft genome sequence of the N. oceanica strain CCMP1779.