(UPDATED CONTENT)
Craig Venter, one of the most famous geneticists alive, is working on a Genetically Modified microbe that will be able to metabolize atmospheric CO2 to octane. Although this type of micro-organisms already exist in nature, they do not produce enough fuel for commercial use. That is where Genetics Engineering kicks in. Check out the links.
Article1
Article2
A couple of TED talks from him. In the first one he also mentions his plans for producing clean energy from engineered species
Talk 1
Talk 2
And a link for Craig Venters institute:
http://www.jcvi.org/
