Algae power

ExxonMobil is aligning with biotech company Synthetic Genomics Inc (SGI) to develop next-generation biofuels from photosynthetic algae.

If research and development milestones are successfully met in the programme, ExxonMobil expects to spend more than $600m (£365m), which includes $300m in internal costs and potentially more than $300m to SGI.

‘This investment comes after several years of planning and study and 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 Company.

‘Meeting the world’s growing energy demands will require a multitude of technologies and energy sources.

‘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.’