Algae BioFuels, a wholly owned subsidiary of PetroSun, is an emerging producer of algae-based biofuels. Algae farms have been under research in shallow ponds in desert areas of the U.S. since the late 1970's, and research has shifted toward algae with high oil content for use in biodiesel fuels.
The announcement above coincides with another news story in New Zealand with one of the better headlines I've seen in recent memory: "Motor powered by sewerage pond goes like stink." That article notes that a car in New Zealand's Parliament was driven on a 5 percent blend of biodiesel and diesel, with the biodiesel using algae grown on human sewage.
[Source: Yahoo! News]