PetroSun BioFuels Refining, a subsidiary of PetroSun, Inc., has entered into a joint venture to construct and operate a biodiesel plant near Coolidge, Arizona. The feedstock for the refinery will be algal oil produced by PetroSun BioFuels at company owned and operated algae farms to be located in Arizona.
The refinery will have an annual biodiesel production capacity of 30 million gallons. PetroSun BioFuels will process the residual algae biomass into ethanol.
The biorefinery and algae farm complex will generate all of its own electrical and heat requirements, utilize non-potable or saltwater, consume no fossil fuels and will be carbon neutral. The joint venture anticipates that all permits will be approved and construction on the biorefinery should commence during the third quarter of 2008.
(A hat-tip to Matt!)