ExxonMobil would fund approximately $600m on algae fuel development, if the research and development under the program is successfully met. Of the total funding of $600m, $300m wold be spent for internal costs and approximately $300m for SGI.
Michael Dolan, senior vice president of ExxonMobil, said: While significant work and years of research and development still must be completed, if successful, algae-based fuels could help meet the world’s growing demand for transportation fuel while reducing greenhouse gas emissions. Our new algae biofuels program complements ExxonMobil’s ongoing efforts to reduce emissions in our operations and by consumers of our products, through both efficiency improvements and technology breakthroughs.
The engineering and scientific expertise of ExxonMobil would be used throughout the program starting from the development of systems till increasing the production of algae through the manufacturing of finished fuels.
