Hello, 

Yes, many species of algal used in ethanol production.

 https://doi.org/10.1016/j.proeng.2015.05.064. 

But I think, bacteria or yeast are best in ethanol production.

Alaa , thank you for your reply .. but I am looking for process by which we can produce ethanol from fresh water self fermenting algae. Any sugesstion would be helpful. Thank you in advance

I don't think there exist a natural alga that produces ethanol. It is not storable in the cell so the alga would not have any advantage from this.

I think you would have to make this alga by gene modification.

Hi henrik, thank you for your reply & suggestions.

You are welcome.

I am curious how you would get the ethanol out of the alga culture if you had an alga that synthesized ethanol?

 Yes Henrik, Some body was using fermentation method, that's not my goal Henrik.