Quietly over the last three weeks shares of PetroSun Inc have risen over 60% as the biofuels company continues to make advances in its sector. Recently, the company released on update on its algae-to-biofuel operation. PetroSun BioFuels, the alternative fuels division of PetroSun, has established a preliminary algal oil wholesale market price that will shadow the crude oil market price, plus transportation costs. The Company will consider volume discounts, subject to the production capacity of its algae farms.
PetroSun BioFuel’s three-year plan is to establish algae cultivation pods and extraction plants with potential lower case production capacities of 2.56 billion gallons per year. The annual gross revenue potential of 2.56 billion gallons of algal oil at $1.71 per gallon is $4.38 billion.
Currently the chart shows PetroSun Inc stock forming an Ascending Triangle pattern. This often is viewed as very bullish and can lead to a stock “breaking out” to a much higher level.
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