PetroSun Announces Formation of Algae BioFuels
PetroSun Drilling Inc. (PSUD - News), an emerging provider of oilfield
services to major and independent producers of oil and natural gas,
announced today that the company has formed Algae BioFuels Inc. as a
wholly owned subsidiary. Algae BioFuels will be engaged in the research and development of algae cultivation as an energy source in the production of biodiesel, an economically feasible and eco-friendly alternative to petroleum-based transportation fuels. The R&D and production facilities for Algae BioFuels will be based in Arizona and Australia.
"PetroSun's formation of Algae BioFuels is a forward-looking strategy,"
said L. Rayfield Wright, president of PetroSun. "The 0pp0rtunity to
produce a renewable energy product that will assist in providing a
healthier planet for future generations cannot be ignored."
Biofuel is any fuel that is derived from biomass -- which contains
recently living organisms or their metabolic byproducts. Biofuel is a
renewable energy source, unlike other natural resources such as petroleum, coal and nuclear fuels. Agricultural products specifically grown for use as biofuels include corn and soybeans.
Extensive research is currently being conducted to determine the
utilization of microalgae as an energy source, with applications being
developed for biodiesel, ethanol, methanol, methane and even hydrogen.
Independent studies have demonstrated that algae is capable of producing 30 times more oil per acre than the current crops now utilized for the
production of biofuels. Algae biofuel contains no sulfur, is non-toxic and
highly biodegradable.
The Office of Fuels Development, a division of the Department of
Energy, funded a program from 1978 through 1996 under the National Renewable Energy Laboratory known as the "Aquatic Species Program." The focus of this program was to investigate high-oil algae that could be grown specifically for the purpose of wide-scale biodiesel production. Some species of algae are ideally suited to biodiesel production due to their high oil content, in excess of 50%, and extremely rapid growth rates.
One of the biggest advantages of biodiesel, compared to many other
alternative transportation fuels, is that it can be used in existing diesel
engines, which relieves automotive manufacturers of having to make
costly engine modifications. Biodiesel can also be mixed, at any ratio,
with conventional petroleum diesel. As a result, the alternative fuel can
be used in the current distribution infrastructure, replacing petroleum
diesel either wholly, or as a diesel fuel blend with minimal
integration costs.
Algae in your tank....
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Algae in your tank....
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