ExxonMobil has been slow to invest in biofuels. Actually, until now, they have not invested in them at all while their competitors have spent the last year making what they hope are strategic investments. Well, slap me silly, but today ExxonMobil announced a $600 million investment with J. Craig Venter (best known for mapping the human genome) whose company, Synthetic Genomics is developing a photosynthetic algae biofuels program. This venture includes more than $300 million invested in Synthetic Genomics specifically and $300 for other projects Venter is developing. This investment should cover five-to-six years of research.
Now, I should clarify, that the partnership is with ExxonMobil Research and Engineering Company (EMRE) just like ExxonMobil Chemical Company is working with Electrovaya to produce the Maya 300. It’s not unusual for the oil companies to use or create offshoot companies for their renewable energy investments. For example, Valero, which has been extremely active in biofuels investments now has a division branded as Valero Renewables.
As reported by Earth2Tech, Emil Jacobs, vice president of R&D for Exxon’s Research and Engineering Co., said in a call with reporters that it will likely take billions of dollars in additional investment to commercialize the technology for distribution in Exxon’s existing infrastructure. Within 5-10 years, Jacobs expects the project to be producing “large quantities” of transportation fuel.
- ExxonMobil Takes Auto Industry by Storm With Launch of Fully Electric Maya 300
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- UNEP & NEF Reveal Worldwide Renewable Energy Investment Trends
- Hinchey Announces New $3.6 Million Dollar Federal Investment
- Solazyme Awarded US $21M Grant for Algae Refinery in Pennsylvania
Filed Under: Electric Vehicles