YARMOUTH — Kent Peterson likes to point out that oil fields were formed over eons from deposits left by ancient algae.

These days, his company, Fluid Imaging Technologies, is selling a machine that helps speed up the process. It’s called the FlowCAM, and it’s used by companies and research groups to study algae used in the production of biofuel.

“Here’s a company in Maine playing its part in delivering a renewable energy source,” said Peterson, chief executive officer and co-owner of Yarmouth-based Fluid Imaging, which has 22 employees. “Globally, this business will grow a lot.”