Phoenix, Arizona [RenewableEnergyAccess.com] Algae BioFuels, a wholly owned subsidiary recently formed by PetroSun Drilling, will be engaged in the research and development of algae cultivation as an energy source in the production of biodiesel, which, states the release, is an economically feasible and eco-friendly alternative to petroleum-based transportation fuels. The R&D and production facilities for Algae BioFuels will be based in Arizona and Australia.“PetroSun’s formation of Algae BioFuels is a forward-looking strategy,” said L. Rayfield Wright, president of PetroSun. “The opportunity to produce a renewable energy product that will assist in providing a healthier planet for future generations cannot be ignored.” Extensive research is currently being conducted to determine the utilization of microalgae as an energy source, with applications being developed for biodiesel, ethanol, methanol, methane and even hydrogen. Independent studies have demonstrated that algae is capable of producing 30 times more oil per acre than the current crops now utilized for the production of biofuels. Algae biofuel contains no sulfur, is non-toxic and highly biodegradable. 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 (NREL) 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. According to the release, some species of algae are ideally suited to biodiesel production due to their high oil content, in excess of 50%, and extremely rapid growth rates.