ExxonMobil to Launch US $600M Biofuels Program

Exxon Mobil Corporation has formed an alliance with biotech company, Synthetic Genomics Inc. (SGI), to research and develop next generation biofuels from photosynthetic algae.

Under the program, if research and development milestones are successfully met, ExxonMobil expects to spend more than US $600 million on algae fuel development, which includes $300 million in internal costs and potentially more than $300 million to SGI.

ExxonMobil’s engineering and scientific expertise will be utilized throughout the program, from the development of systems to increase the scale of algae production through the manufacturing of finished fuels.

“While significant work and years of research and development still must be completed, if successful, algae-based fuels could help meet the world’s growing demand for transportation fuel while reducing greenhouse gas emissions,” said Michael Dolan, senior vice president of ExxonMobil. “Our new algae biofuels program complements ExxonMobil’s ongoing efforts to reduce emissions in our operations and by consumers of our products, through both efficiency improvements and technology breakthroughs.”

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