SWFL-based Algenol strikes fuel deal with China
FORT MYERS, Fla.- A local company is taking the world stage and making history by sealing an agreement with China.
Algenol is entering a giant market for fuel made from algae by striking a deal with China, a country plagued by air pollution and in need of a clean and renewable source of fuel.
Chinese President Xi Jinping arrived in the Seattle area on Tuesday, for a couple of days of meetings with American business executives. The agenda includes the just-signed deal with Algenol of Lee County. The company will supply its technology to turn algae, into ethanol and diesel fuel.
The agreement comes at a time of tension between the United States and China. The Obama administration is concerned about China trampling the rights of protesters and dissidents and the recent hacking of Americans’ personal information.
Algenol received $10 million from Lee County taxpayers several years ago, as an incentive to locate its headquarters in Lee County and create job opportunities. Just last week, the company announced another big development in distributing its bio-fuels to service stations in Florida