Algenol Biofuels gets a grant of $ 25m

News-Press.com reports that Algenol Biofuels Inc., a company that makes ethanol out of algae and is working with Lee County to develop a presence in Florida, received a $25 million federal grant to build a biorefinery.

Algenol CEO Paul Woods made the announcement during a presentation in Fort Myers. While the refinery will be built in Freeport, Texas, Woods said he is working with Lee County commissioner Ray Judah and economic development office director Jim Moore to establish itself in the county and create jobs. The idea is to firmly establish Lee County as the headquarters for the company and create a test pilot project here.

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