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Press Release:
PetroSun, Inc.announced a progress report on the firm's algae and alternative energy programs.
D.O.E. Integrated Biorefinery Proposal
The D.O.E. Integrated Biorefinery oral presentation was completed on October 15th by the University of Arizona-led team that included Texas A&M, Los Alamos National Lab, Air Liquide, Lurgi and PetroSun. The D.O.E. moderator indicated that a decision on the awards for this program is anticipated during December 2009.
Gulf Coast Algaculture Lease Program
This program was placed on hold until acceptable terms are reached for the capital required to retrofit the existing aquaculture farm ponds for commercial algae production. The global economic crisis crippled the capital markets during the past twelve months that PetroSun had engaged for this program, but those markets and new sources of foreign investment are now in the negotiation stage to provide potential funding for this program.
Business Model Moving Forward
The future implementation and operation of the commercial algae integrated biorefinery facilities by PetroSun BioFuels in the Gulf Coast Algaculture Program and the pilot scale Arid Raceway Integrated Design designed in collaboration with the University of Arizona team. The focus of the algae operation is to produce algal oil for conversion to fuel, recognizing however that a major revenue contributor to the program will be the value of the co-products, including animal feed and fertilizer.
The Company will continue to contract with existing biodiesel refineries to enhance the biodiesel production output of its domestic biorefinery cooperative that will utilize palm oil feedstock as it transitions into algal oil feedstock.
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