Exxon to invest $600 million in making fuel from algae

And this is after GreenFuel went under. Hmm…

By Tom Bergin

LONDON (Reuters) - Exxon Mobil Corp has agreed to invest possibly more than $600 million in a venture to develop biofuels from algae, the oil major, which previously dismissed renewable energy as uneconomic, said on Tuesday.

Exxon said in a statement it was forming a research and development alliance with Synthetic Genomics Inc., a privately held company focused on gene-based research.

"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 Exxon. …

Exxon to invest $600 million in making fuel from algae

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