FORT MYERS, Fla. – Fort Myers-based Algenol has received a $25 million investment from a Mexican business group. For Algenol, a pioneer in alternative fuels, it’s a second investment from the group.
The investment group, BioFields, is focused on the development of renewable and clean energy projects. Its first investment of $40 million in Algenol came in 2014.
Founded in 2006, Algenol converts CO2 from industrial emitters into transportation fuels through its proprietary direct-to-ethanol process, using algae, sunlight, carbon dioxide and saltwater.
Algenol is working aggressively to commercialize its technology and scale its production.
The company recently launched a pilot commercial project at its headquarters, which builds on the successful launch of a demonstration project in India.
“We are very pleased to expand our investment into Algenol,” said Alejandro Gonzalez, founder of BioFields, in a statement. “This technology has the best chance of actually reducing carbon emissions while producing cheap fuel in the process.”
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