PetroSun to form new agreement with Icon Energy

By | September 16, 2008
Scottsdale, Ariz.-based PetroSun Inc. and Queensland, Australia-based Icon Energy Ltd. have mutually agreed to terminate a May 2007 letter of intent, under which Icon Energy was to acquire a 20 percent interest in a license to produce biodiesel from algae. The two companies are negotiating a new joint venture agreement to develop a commercial-scale algae-to-biofuels farm system in Queensland. PetroSun is currently waiting to receive Icon Energy's revisions to the new agreement.
 
 
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