January 09, 2008
SCOTTSDALE, AZ--(MARKET WIRE)--Jan 9, 2008 -- PetroSun, Inc. (Other OTC:PSUD.PK - News) announced today that its subsidiary, PetroSun BioFuels Refining, has entered into a joint venture to construct and operate a biodiesel refinery near Coolidge, Arizona. The feedstock for the refinery will be algal oil produced by PetroSun BioFuels at company owned and operated algae farms to be located in Arizona.
The refinery will have an annual production capacity of thirty million gallons and will produce 100% renewable biodiesel that will meet or exceed industry quality specifications for the domestic market. PetroSun BioFuels will process the residual algae biomass into ethanol.
The biorefinery and algae farm complex will generate all of its own electrical and heat requirements, utilize non-potable or saltwater, consume no fossil fuels and will be carbon neutral. The joint venture anticipates that all permits will be approved and construction on the biorefinery should commence during the third quarter of 2008.
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