Going Green Goes Really Green
Wednesday, Jul 15, 2009 | Updated 3:01 PM PST
The partnerships will develop fuel from algae.
ExxonMobil Corp. and a company founded by biotech entrepreneur Craig Venter announced Tuesday a $600 million partnership to develop fuel from algae, according to the North County Times.
If successful, the partnership will create an economical, renewable oil substitute to replace fossil fuels in cars and airplanes, and for other uses such as making plastics.
ExxonMobil, the nation's biggest oil company, contributes its financial clout and industry knowledge. Venter's company, Synthetic Genomics, provides biotech expertise, the paper reported.
Of the $600 million, ExxonMobil said it will use $300 million for its own research, and provide up to $300 million to Synthetic Genomics, depending on how well that company meets research and development goals.
Scientists in San Diego County's large biotech community told the paper that the deal is a major step toward making the region the leader in developing fuel from algae.
