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Four different strains of marine algae viz. <i>Tetraselmis tetrathele</i>, <i>Tetraselmis striata</i>, <i>Tetraselmis chuii</i>, and <i>Tetraselmis gracilis</i> were isolated from the saltpans in Kovelong, Chennai, Tamil Nadu, India. The systematic position of <i>Tetraselmis striata</i> BBRR1 was confirmed through molecular identification. Under laboratory conditions, <i>T. striata</i> Butcher BBRR1 grown in f/2-medium recorded highest biomass concentration of 0.58 &#177; 0.021 g L^&#8722;1, volumetric productivity of 0.025 &#177; 0.004 g L^&#8722;1 d^&#8722;1, 19 &#177; 2.3% proteins, 17 &#177; 1.5% carbohydrates, and 15 &#177; 2.4% lipids. Volumetric biomass productivity of 0.063 &#177; 0.08 g L^&#8722;1 d^&#8722;1, specific growth rate of 0.45 day^&#8722;1 and lipid content of 19.42 &#177; 0.98% were recorded for the alga <i>T. striata</i> Butcher BBRR1 cultivated in 10-m² open raceway ponds using Modified CFTRI ABRR1 medium. The fatty acid profile of <i>T. striata</i> Butcher BBRR1 showed the presence of 33.14% palmitic acid, 22.64% 11-octadecenoic acid, and 21.94% heptadecanoic acid. This study confirms the feasibility of cultivating the marine alga <i>T. striata</i> in open raceway ponds to produce biomass, which can be used for the production of biofuels.