PetroSun BioFuels, Inc., a wholly owned subsidiary of PetroSun, Inc., has entered into an agreement to acquire a fifty percent interest in Fleet Biodiesel, Inc., an Alabama corporation. Fleet Biodiesel is currently completing the acquisition of an 82.5% interest in Eagle Biodiesel located in Bridgeport, Alabama.
The Eagle Biodiesel assets include a biodiesel refinery, port access to the Tennessee River, five-truck tanker fleet and a retail biodiesel station. The biodiesel refinery is currently producing and selling 60,000 gallons per month and is in the process of expanding its monthly production to four million two hundred thousand gallons.
PetroSun BioFuels will provide algal oil to the Bridgeport refinery for the increased feedstock requirements within the next twelve months.
PetroSun is one of the leading companies in the development of algae biodiesel. Given their stated goal of supplying this plant with algal oil, I take this as continued confidence on their part that they will be able to produce significant supplies of algal oil. To me that is a good sign and it will be interesting to see it prgress.