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FORT MYERS — Algenol Biofuels says it has signed a deal with Protec Fuel Management of Boca Raton to distribute ethanol it makes from algae in a demonstration plant in Fort Myers.
Algenol also plans to build a larger commercial plant in an undisclosed area of Central Florida as soon as next year and the agreement with Protec includes distributing 18 million gallons a year from the proposed plant.
Algenol has developed a patented technology using algae to produce the four most widely used fuels: ethanol, gasoline, jet and diesel fuel for about $1.30 a gallon. “This alliance is a logical step for Algenol as our commercial fuels are coming online,” says Algenol's founder and CEO Paul Woods, in a statement.
“We know that advanced ethanol is a key element of the future of fuels, and we are excited to partner with Algenol, the leader in the development of algae-based fuels,” says Todd Garner, CEO of Protec Fuel, in a statement. “The key components and priority of ethanol's use are sustainability, cleaner air, and to provide the public with lower-cost fuel.”
Under the agreement, ProTec will distribute ethanol to retail stations and transportation fleets. Terms of the deal were not disclosed.
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