PetroSun Makes Two Moves toward Biofuel Production

PetroSun, Inc. announced that Algae BioFuels has issued an exclusive algae-to-biofuel production technology license to ETC Energy for the Native American markets.

ETC Energy will seek to enter into joint venture agreements with Native American tribes to produce biodiesel, electricity and animal feed from the algae-to-biofuel technology within tribal lands. Independent studies have demonstrated that algae are capable of producing oil yields in excess of 10,000 gallons per acre annually. The oil yield per acre annually from conventional crops such as corn (80 gallons) and soybeans (40 gallons) are far less than algae. While the worldwide cost of diesel has increased during the past few years as a result of higher crude oil prices and refining cost increases, biodiesel produced from algae offers an alternative that is not subject to commodity risks (as are crude oil, corn and soybeans) and is capable of supplying a sustainable feedstock. ETC Energy will be producing high protein animal feed from the algae biomass, plus ethanol and potential excess electricity are additional revenue streams from plant operations. The production process will benefit 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 Inc. also announced that its wholly owned subsidiary, PetroSun BioFuels Australasia, has entered into a Letter of Intent with Icon Drilling of Brisbane, Australia, to create a publicly traded alternative fuel company in Australia that will take on the name of PetroSun BioFuels. The rights granted under this agreement included the technology to cultivate algae on a commercial scale and refine the extracted algal oil into biodiesel. The company will also be producing high protein animal feed from the algal biomass, ethanol and potential excess electricity as additional revenue streams from plant operations.

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