HOUSTON (AP) - Exxon Mobil is making its first major investment
in greenhouse-gas reducing biofuels, announcing a $600 million
partnership with a California biotech company.
Exxon and Synthetic Genomics said Tuesday they'll team up to
develop transportation fuels from algae.
Despite record-breaking profits in recent years, Exxon has been
criticized by environmental groups, members of Congress and even
shareholders for not spending enough to explore alternative energy
options.
One of the company's requirements was finding a biofuel source
that could be produced on a large scale. Exxon says photosynthetic
algae appears to be a viable, long-term candidate.