ExxonMobil and Synthetic Genomics Algae Biofuels Program Targets 10,000 Barrels Per Day by 2025

• Program advances to outdoor testing in California of naturally
  occurring algae strains
• Will inform fundamental engineering necessary for scaling up technology
• Outdoor testing phase critical step in determining path toward
  commercial production

IRVING, Texas & LA JOLLA, Calif.–(BUSINESS WIRE)–ExxonMobil
and Synthetic Genomics Inc. today announced a new phase in their joint
algae biofuel research program that could lead to the technical ability
to produce 10,000 barrels of algae biofuel per day by 2025.

The new phase of research includes an outdoor field study that will grow
naturally occurring algae in several contained ponds in California. The
research will enable ExxonMobil and Synthetic Genomics to better
understand fundamental engineering parameters including viscosity and
flow, which cannot easily be replicated in a lab. The results of this
work are important to understand how to scale the technology for
potential commercial deployment.

Additional work will be required to advance larger-scale production.
Both companies are continuing with fundamental research on algae biology
in their laboratories as the field study advances. ExxonMobil
anticipates that 10,000 barrels of algae biofuel per day could be
produced by 2025 based on research conducted to date and emerging
technical capability.

“Our work with Synthetic Genomics on algae biofuels continues to be an
important part of our broader research into lower-emission technologies
to help reduce the risk of climate change,” said Vijay Swarup, vice
president for research and development at ExxonMobil Research and
Engineering Company. “The new outdoor phase is a critical next step in
determining a path toward large-scale, commercial production.”

This outdoor research follows the companies’ years of fundamental
biological research into understanding and improving algae oil
production.

“We are excited to take this next significant step as we journey
together toward a renewable, scalable, and low-carbon biofuel,” said
Oliver Fetzer, Ph.D., chief executive officer at Synthetic Genomics.
“The progress we are making in the lab toward engineering highly
efficient algae strains that convert sunlight and CO2 into
renewable high energy density biofuel is exciting and warrants continued
research about how our technology will scale. Our outdoor algal facility
creates a perfect stepping stone from our labs to the greenhouse and to
the outdoors to lay the foundation for a large scale commercial
deployment of our technology in the future.”

Since 2009, ExxonMobil and Synthetic Genomics have been partners in
researching and developing oil from algae to be used as a renewable,
lower-emission alternative to traditional transportation fuels.

ExxonMobil is engaged in a wide range of research on advanced biofuels,
partnering with universities, government laboratories, and other
companies.

In 2017, ExxonMobil and Synthetic Genomics announced breakthrough
research published in Nature Biotechnology that resulted in a
modified algae strain that more than doubled oil content without
significantly inhibiting growth, a key challenge along the path to
commercial scalability.

Global demand for transportation-related energy is projected to increase
by about 25 percent through 2040, and accelerating the reduction in
emissions from the transportation sector will play a critical role in
reducing global greenhouse gas emissions.

ExxonMobil
is also actively researching other emission-reducing technologies,
including carbon capture and sequestration. In 2016, ExxonMobil
announced its partnership with Connecticut-based FuelCell Energy, Inc.
to advance the use of carbonate fuel cells to economically capture
carbon emissions from power plants while generating hydrogen and
additional electricity. Since 2000, ExxonMobil has spent about $8
billion to develop and deploy lower-emission energy solutions across its
operations.

About ExxonMobil

ExxonMobil, the largest publicly traded international energy company,
uses technology and innovation to help meet the world’s growing energy
needs. ExxonMobil holds an industry-leading inventory of resources, is
one of the largest refiners and marketers of petroleum products and its
chemical company is one of the largest in the world. For more
information, visit www.exxonmobil.com
or follow us on Twitter www.twitter.com/exxonmobil.

Cautionary Statement: Statements of
future events or conditions in this release are forward-looking
statements. Actual future results, including the timing, results and
impact of new technologies, could differ significantly depending on the
outcome of further research and testing; the development and
competitiveness of alternative technologies; the ability to develop and
scale pilot projects on a cost-effective basis; political and regulatory
developments; and other factors discussed in this release and under the
heading “Factors Affecting Future Results” on the Investors page of
ExxonMobil’s website at exxonmobil.com.

About Synthetic Genomics

Synthetic Genomics is programming the operating system of life to create
sustainable solutions for humankind’s most pressing issues, from the
wellbeing of our population to the health of our planet. With an
unmatched understanding of how DNA drives the function of cells — the
basic biological units of all living organisms — Synthetic Genomics
modifies and writes genomes to enable transformative products in the
areas of vaccines, medicines, and biotechnology research. In addition to
designing novel organisms that overcome fundamental hurdles of
scientific research and medicine, Synthetic Genomics pursues
partnerships with organizations seeking to dramatically improve upon
existing products in health care, energy, and other sectors. Continuing
its legacy of scientific firsts in genomics and synthetic biology,
Synthetic Genomics is harnessing the power of nature to improve quality
of life. More information is available at www.syntheticgenomics.com.

Contacts

ExxonMobil
Media Relations, 972-940-6007
or
Synthetic
Genomics
Media Relations, 908-208-9254