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Article: United States: Exxon Mobil lays $600 million on the line for algae fuels.

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TendersInfo
Article date:
July 15, 2009
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Byline: prashant03

Exxon Mobil said Tuesday it'll launch a new algae-based biofuels program valued at up to $600 million in the oil major's biggest move so far into alternative energy as a hedge against challenges facing the fossil-fuel business.

Exxon Mobil /quotes/comstock/13*!xom/quotes/nls/xom (XOM 66.22, +0.52, +0.79%) formed a research-and-development alliance with La Jolla, Calif.,-based Synthetic Genomics for next-generation biofuels from photosynthetic algae.

The oil major joins a list of big names associated with the research firm founded by J. Craig Venter and Nobel Laureate Hamilton O. Smith including BP plc ...

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