PetroSun has entered into an agreement with a Shanghai Firm to construct and operate a commercial scale algae farm pilot facility in China.
PetroSun, Inc. announced today that the Company has executed an agreement with Shanghai Jun Ya Yan Technology Development Co., Ltd. to establish a commercial scale algae farm system pilot facility within the People's Republic of China. The planned algae farm complex will produce algae biomass for conversion to biodiesel, ethanol and other commercial products.
The terms of the agreement include a forty million dollar ($40,000,000US) sole funding commitment from Shanghai Jun Ya Yan Technology Development for the construction and equipping of the initial algae farm system. The profits from the venture will be allocated on a 50/50 basis between the parties. PetroSun China has been granted the license from PetroSun, Inc. for the algae-to-biofuel technology and will manage the operations in China.
Source : PetroSun Press Release