PetroSun, Icon Energy terminate LOI

By Erin Voegele | July 14, 2008
Web exclusive posted August 5, 2008 at 12:51 p.m. CST

Scottsdale, Ariz.-based PetroSun Inc. and Icon Energy Ltd. have mutually agreed to terminate a letter of intent (LOI) announced in May 2007. Under the agreement, Icon Energy was to acquire a 20 percent interest in a license to produce biodiesel from algae. The purpose of the transaction was to create a publicly traded alternative fuel company in Australia. The two companies are negotiating a new agreement to create a joint venture to develop an algae-to-biofuels commercial farm system in Queensland, Australia.

PetroSun is also negotiating to establish a commercial-scale algae farm in New South Wales, Australia. The company will produce the algae and extract the oil. A local refiner will process the algal oil into biodiesel for sale in the regional marketplace.

In addition, the company's board of directors has approved plans to install a pilot plant designed for algae production at an Arizona wastewater treatment facility. The project will be a scaled down version of a commercial algae farm system that utilizes wastewater and associated nutrients from the municipal treatment plant to produce algae. The operation is designed to be a model for other PetroSun wastewater based algae farms in the United States and abroad. PetroSun expects the operation to begin within 30 days of receiving the final approvals and permits from the local municipality and state regulatory agencies.
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