PetroSun to establish algae-to-biodiesel plant in Australia

US diversified energy company, PetroSun Incorporated, has scheduled an algae-to-biodiesel demonstration in Alabama during August 2007. The purpose of this event will be to demonstrate to the alternative energy and transportation fuel industries that algae-to-biodiesel is a viable commercial option to supply biodiesel to the marketplace.

PetroSun intends to establish its initial commercial scale algae-to-biodiesel plants in Alabama, Arizona, California and Australia.

The recent announcement of the Alabama demonstration has generated tremendous interest in the algal oil product and the Company has initiated discussions with several existing and planned biofuel producers regarding potential sales and joint venture agreements. These biofuel producers are experiencing increased costs and supply shortages from soy, corn and palm oil feedstock. The algal oil may prove in the near future to be a sustainable feedstock that is not controlled by the commodities market.

PetroSun is moving forward with its planned transaction with Icon Energy to form PetroSun BioFuels as a publicly traded alternative fuels company based in Australia. The Australian entity will produce and market algae-derived biofuels in Australasia and will expand into other regions based on its production capabilities and market demand. PetroSun will maintain a majority interest in PetroSun BioFuels.

Source: Marketwire


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