Exxon to invest in algal biofuel JV

ExxonMobil Corp. is going to venture into biofuels. The company has announced that it will invest a total of US$600 million in a partnership with biotechnology firm Synthetic Genomics Inc. (SGI) aiming to produce transportation fuel from algae. ExxonMobil will allocate half of the investment for in-house research and development (R&D). The other half will be given to Synthetic Genomics Inc. (SGI), with additional investments forthcoming if SGI is able to adequately satisfy the oil major’s R&D requirements. (July 13, 2009)