- March 28, 2024
Loading
Algenol Biofuels in Bonita Springs has been spending big money on research and development of ethanol from algae.
In an interview with the Business Review last year, Algenol Founder and CEO Paul Woods said at the time that an undisclosed Asian conglomerate had invested close to $100 million in the company refinery test plant in Lee County.
Now we know who that investor is.
Biofuels Digest, a publication that tracks the industry, reported recently that Reliance Industries Limited, an Asian energy conglomerate, has invested $94 million in Algenol. The publication cited a Credit Suisse report that identified the source of the funding.
Reliance, headquartered in Mumbai, is the largest private-sector company in India and has interests in petrochemicals, oil refining and gas. The company earned $1.9 billion on revenues of $35.6 billion through the first half of the year.
Algenol currently employs 160 people. Its Lee County test facility is currently developing ethanol production from algae with a target cost of less than $1 a gallon.