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FORT MYERS -- Algenol Biofuels Inc. pledged $250,000 of support to the Florida Gulf Coast University Foundation.
The funds will be used to create the Algenol Biofuels Science, Technology, Engineering and Mathematics (STEM) Scholarship Fund, a release says.
“Algenol Biofuels is committed to developing our future scientists and engineers,” says Paul Woods, Algenol's founder and CEO in a statement. “We have long benefited from a partnership with FGCU for our STEM needs, drawing upon current students as interns and hiring graduates for full-time positions. We are honored by this opportunity to further promote FGCU's growing STEM initiative.”
“We are a prime example of how advanced biology and innovative engineering can drive economic growth and job creation in our community,” Woods adds.
FGCU graduated 264 in STEM subjects in the most recently concluded academic year, up more than four times from its 2006-2007 total.
Last month, GCM Contracting Solutions Inc. began construction on a new “biorefinery” for Algenol on a 36-acre parcel, located north of Alico Road in Lee County. Completion is scheduled for late 2012.
Algenol Biofuels is a 5-year old company that hopes to generate competitively priced ethanol from algae. The firm has not yet generated any revenues.
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