Phoenix, Arizona [RenewableEnergyAccess.com] PetroSun, Inc. announced that the Board of Directors of Algae BioFuels, a wholly owned subsidiary of PetroSun, has issued the exclusive algae to biofuel production technology license to PetroSun BioFuels for the Australasian market.PetroSun BioFuels is a wholly owned subsidiary of PetroSun and was formed to cultivate algae and refine the algal oil into biodiesel for distribution under the PetroSun brand throughout Australasia. Biodiesel produced from algae offers an alternative that is not subject to commodity risks as is crude oil, corn and soybeans and is capable of supplying a sustainable feedstock. PetroSun BioFuels has commenced the search for an appropriate location to establish the initial Australia-based production plant that will cultivate algae in open and closed systems. The facility will include a biofuel refinery designed to produce up to 20 million gallons of biodiesel per year. The production and refining capacity will be increased based on market demand for biodiesel within the licensed territory. The current U.S. wholesale price of biodiesel exceeds $2.00 per gallon. Independent studies have demonstrated that algae are capable of producing oil yields in excess of 55,000 kilograms per hectare annually. The oil yield per hectare annually from conventional crops such as palm oil (5,000), peanuts (890), rapeseed and sunflower (675), soybean (450) and corn oil and cottonseed (225) are far less than algae. The company plans to produce high-protein animal feed from the algae biomass, ethanol and potential excess electricity as additional revenue streams from plant operations. The production process will have a beneficial affect to the environment as algae consume carbon dioxide in the presence of sunlight. The source of the carbon dioxide can come from power plant emissions that would create CO2 credits. PetroSun BioFuels will establish offices in Brisbane and Perth for sales and marketing.