PetroSun Partners with China to Produce Biodiesel from Algae - 10/5/08

PetroSun has partnered with China in a $40 million program to produce biodiesel and other products from algae in China.

PetroSun, based in Scottsdale, AZ has an agreement with Shanghai Jun Ya Yan Technology to build a commercial scale algae farm to produce algae biomass for conversion into ethanol, biodiesel and other products.

Shanghai Jun Ya Yan Technology will fund the $40 million needed for the construction and equipment needed in the initial stage of the algae farm.

Profits from the program will be split 50/50 between the two parties.  PetroSun China will be granted the license from PetroSun for the algae/biofuel technology.  PetroSun China will manage the operations in China.

This year PetroSun partnered with Optimum Biofuels of Gilbert, AZ to build and operate a commercial biodiesel refinery near Coolidge, AZ.

PetroSun is an energy company with technology to commercialize the production of biofuels from algae.

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