LEE COUNTY, Fla. - A bio-fuels company is dedicating a new laboratory and research facility in Lee County.

Algenol Bio-fuels received 10-million dollars from tax-payers to fund the expansion in Southwest Florida.

"This is where we are going to try to make history," said Paul Woods, Pres. of Algenol. "We want to make ethanol from algae, and then sell it commercially in 2 years. These labs are doing some of the most advanced research in green energy in the world. I am proud we are doing it here in Lee County."

"This is phenomenal, just very impressive," said Lee Commsr. Ray Judah, who played a critical role in bringing the company to Lee. "This is what we need to diversify our economy."

Woods says the company will have 108 jobs and the county predicts it will have an impact of 123 million dollars on the local economy in coming years.

The new facility is located north of Alico Road and west of  I-75.   The county hopes that more companies will move into that area, now that Algenol is established there.