BONITA SPRINGS, FL-- Algenol Biofuels Inc. has announced that the company has reached an agreement with the Lee County Board of Commissioners to support the opening of a new 43,000-sf facility in Lee County, bringing economic diversity and jobs to the area launching in the first quarter of 2010.
The $10 million grant is an investment that can bring numerous opportunities in the burgeoning biofuels industry to the region as Algenol continues the development and expansion of its unique Direct to Ethanol® process to produce low-cost ethanol and green chemicals from algae, sunlight, saltwater, and carbon dioxide.
The facility will house Algenol's advanced biology and engineering laboratories, operations and 40 acres of land that will hold the company's unique photobioreactors - the containers that generate the ethanol from algae, saltwater and carbon dioxide. In addition to producing low-cost ethanol, Algenol is beginning to work on related projects, such as using its ethanol and other green chemicals as a replacement for petroleum in plastic building blocks. This new facet of the business will also be housed at the Lee County facility.
The steps the Lee County Commission has taken to bring Algenol to the area echo the key findings in a recent report issued by Florida Gulf Coast University's Lutgert College of Business through their Regional Economic Research Institute. The report centered on the best ways to overcome the impact of the economic crisis and resulting recession is to create jobs and diversify regional economies by providing economic assistance that support business recruitment, retention and expansion of businesses and entrepreneurial assistance to high tech and green tech companies in the region. The opening of the Algenol facility in Lee County addresses all three proposed areas that will reinvigorate the local economy.
In addition to bringing jobs to the area, Algenol plans to immediately form partnerships with local universities, including Florida Gulf Coast University and the University of Florida, to assist in establishing programs for students interested in pursuing careers in the green chemistry and biofuels industries, as well as to pursue the study of and solutions for red tides in Florida waters.
Algenol today possesses the most advanced third generation biofuel technology in the United States.
Algenol Biofuels, Inc.
www.algenolbiofuels.com
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