ExxonMobil investing up to $600m in algae biofuels project
13 Jul 2009
Irving, Texas - ExxonMobil has established an alliance with biotech company, Synthetic Genomics Inc. (SGI), to research and develop advanced biofuels from photosynthetic algae for use in petrol and diesel fuels. The oil company said it expects to invest over $600 million - including $300 million in internal costs and potentially more than $300 million to SGI - if the alliance meets its R&D targets.
According to ExxonMobil, it will supply engineering and scientific expertise for the programme, from the development of systems to increase the scale of algae production through the manufacturing of finished fuels. A key challenge will be the development of technologies and processes for the production in sufficiently large volumes of the biofuel.
“This investment is an important addition to ExxonMobil’s ongoing efforts to advance breakthrough technologies to help meet the world’s energy challenges,” said Dr. Emil Jacobs, vice president of research and development at ExxonMobil Research and Engineering Co. “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.”
The potential advantages and benefits of biofuel from algae could be significant, added Jacobs. The sunlight and carbon dioxide used to grow the photosynthetic algae could provide greenhouse gas mitigation benefits, while growing algae does not rely on fresh water and arable land otherwise used for food production, he explained.
