PetroSun, Inc. (PSUD.PK) announced that its subsidiary, Algae BioFuels, will begin the field testing stage of the cultivation of algae for biodiesel production during the first quarter of 2007. The test site will be located in Arizona.
Algae BioFuels will install a biodiesel refinery in Arizona after the successful completion of the field cultivation trials. The initial phase of the refining process will produce up to ten million gallons per year, to be increased after the initial phase of production and after refining has been evaluated. Algae BioFuels is also conducting a feasibility study of production and refinery sites in Australia and New Zealand.
Independent studies demonstrate that algae is capable of producing over 30 times more oil per acre than corn, soy and other crops currently used to produce biofuels.
The Office of Fuels Development, a division of the Department of Energy, funded a program from 1978 through 1996 under the National Renewable Energy Laboratory known as the “Aquatic Species Program”. The focus of this program was to investigate high-oil algae that could be grown specifically for the purpose of wide scale biodiesel production. Some species of algae are ideally suited for biodiesel production due to their high oil content, in excess of 50%, and extremely rapid growth rates.
PetroSun’s current operations are concentrated in the Ark-La-Tex region with plans to expand into New Mexico, Arizona, Utah and Australia in 2006. PetroSun provides a comprehensive array of products and services to the oil industry. Algae BioFuels, a wholly owned subsidiary of PetroSun, is an emerging producer of biodiesel derived from the cultivation of algae.
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