Paul Woods leaves Algenol, the company he founded in 2006. Photo: Business Observer Florida

Paul Woods leaves Algenol, the company he founded in 2006. Photo: Business Observer Florida

Paul Woods, founder and now former CEO of algae-to-fuel industry leader Algenol, resigned on Friday, and 20 percent of the company’s workforce has been let go, as reported by Casey Logan in News-press.com.

Mr. Woods said he takes pride in what he has accomplished with Algenol, but showed frustration about the world’s financial reception to Algenol’s technology. “It’s very simple,” said Mr. Woods. “The world is either going to start taking carbon capture seriously, or it’s not. These guys have stepped up to the plate with significant funding to try to advance Algenol, and we’re going to see if the world catches up or not. That’s what it comes down to.”

The staff reduction was announced Friday, according to Mr. Woods. The former CEO added the number of employees will stay above the threshold to meet the economic incentive agreement it has with Lee County, Florida.

Woods’ decision is voluntary and he will remain on the board of directors for continuity purposes and to assist on the company’s road to commercialization, according to a company news release.