Algenol is an industrial biotechnology company developing an algae technology platform for producing ethanol, biofuels, foods (protein and natural colorants), and personal care ingredients that is headquartered in Fort Myers, Florida and was founded in 2006 by Paul Woods, Craig Smith, Ed Legere, and Alejandro Gonzalez. Algenol's algae technology platform (consisting of a diverse collection of algae strains) converts C02 emitted from industrial processes into transportation fuels by converting C02 emissions into ethanol and other products.
In 2014 Algenol received $40 million in venture funding from BioFields.
On February 10, 2015 Algenol completed a venture capital funding round with $25 million in funding from BioFields. The CEO and co-founder of Algenol, Paul Woods, made the following statement regarding the companies funding from BioFields:
This investment provides the funding for Algenol to accelerate the process of shifting focus away from R&D and towards commercialization of the technology.
Energy Department Announces $15 Million to Advance Algae-based Biofuels and Bioproducts
July 14, 2016