Algae fuel developer PetroSun taps capital markets veteran as president

In Arizona, algae fuel developer PetroSun announced that James Robinson, a management consultant specializing in early-stage growth and capital development, has joined the firm as President. PetroSun said that Robinson has helped firms access “millions of dollars” in early stage capital, and Robinson said he was looking forward to leveraging twenty years experience in assiting PetroSun in its development efforts.

In March, PetroSun reported data on its proposed business model of converting catfish ponds to algae fuel production. The company is offering catfish farmers in Mississippi, Arkansas, Louisiana, and Alabama an oil lease-like system including a $50 per acre one-time signup payment, and advance payments of $100 per acre per year with a potential income for farmers of $1000 to $1200 per acre

A report in the Rocky Mountain Telegraph about the project included a comment from Tom Konrad, financial analyst for AltEnergyStocks.com, stating his belief that open-pond algae systems are not economically feasible. US catfish farms have seen 2008 sales drops of 8 percent, and a drop of 16 percent since 2006 based on competition from overseas.

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