PetroSun and SJYY advance algae in China

SCOTTSDALE, AZ, USA - PetroSun and Shanghai Jun Ya Yan Technology Development Company Ltd (SJYY) have completed an agreement to move towards  commercialization of the algae-to-biofuel industry in China.

"The joint venture with Shanghai Jun Ya Yan is an important step towards the commercialization of algae derived biofuel production on a global basis," stated Gordon LeBlanc, Jr., CEO of PetroSun. "Our commitment to the development of this technology will prove that algae is a major part of the solution to providing a viable feedstock for the production of an alternative fuel source to supplement present and future worldwide energy demands."

The parties have authorized the Qingdao National Laboratory for Marine Science and Technology to conduct algae strain studies for utilization in the commercial-scale pilot farm system. Furthermore, SJYY and the town of Chen Jia Gang, County of Xiang Shui, recently entered into an investment agreement regarding the preliminary terms and location of an algae farm system facility.

The terms of the agreement between PetroSun and Shanghai Jun Ya Yan include a US$40 million sole funding commitment by SJYY for the construction and equipping of the initial algae farm system. The profits from the algae-to-biofuel operations will be disbursed on a 50/50 basis between the parties. PetroSun China, Inc., a wholly owned subsidiary of PetroSun, will manage the field operations.

About Petrosun

PetroSun, Inc. is a diversified energy company with technology and operations in the commercialization of algae-to-biofuels, microbial enhanced oil recovery, oil and gas exploration and development and oilfield pipe and supply.

Website: www.petrosuninc.com