PetroSun to Set Up Algae Farm in China

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TheBioenergySite Latest News

Tuesday, October 07, 2008

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PetroSun to Set Up Algae Farm in China

CHINA - US company PetroSun has reached an agreement with Shanghai Jun Ya Yan Technology Development Co., Ltd. to establish a commercial scale algae farm system pilot facility in 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 $40,000,000 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 two companies.

PetroSun China has been granted the license from PetroSun, Inc. for the algae-to-biofuel technology and will manage the operations in China.

TheBioenergySite News Desk