July 15, 2009

Green Exxon?

Not really, but it's a start...

ExxonMobil and biotech firm Synthetic Genomics (SGI) announced on Tuesday a new alliance to rproduce alternative fuel made from photosynthetic algae. ExxonMobil expects to spend more than $600 million on the project--$300 million internally and another $300 million to SGI if key R&D milestones are met.

Under the partnership, SGI will research and develop systems to grow large amounts of algae and convert them into biofuels. ExxonMobil will provide engineering and scientific talent throughout different phases of the project, from increasing the level of algae production to manufacturing the final product.

"Meeting the world's growing energy demands will require a multitude of technologies and energy sources," said Emil Jacobs, vice president of research and development at ExxonMobil Research and Engineering Company. "We believe that biofuel produced by algae could be a meaningful part of the solution in the future if our efforts result in an economically viable, low net carbon emission transportation fuel."

What's funny about this is that Exxon in the ealy 80's funded a successful algae program. I wonder if Ventner and Co. will have access to that research...If not, they can email me because I have it.

Posted by mcblogger at July 15, 2009 12:57 PM

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