Energy giant, ExxonMobil has announced it will spend more than $1 billon a year on researching alternative forms of energy from algae engineered to bloom into biofuels and cells that turn emissions into electricity.
The funds from Exxon Mobil are for more than a hundred of research projects on environmentally-friendly technologies in five to 10 key areas, according to Vice President of Research and Development Vijay Swarup.
“These areas are massively challenging, and if we can solve those, they will have huge impacts on our business,” said Swarup.
“We bring more than money. We bring the science, the commitment to research.”
While Exxon has discussed some of its work before about its work in algae, the remarks from Mr Swarup is the first indication of the breadth of the oil company’s interests in alternative energies.
Exxon joins a growing list of oil majors hedging against the wider adoption of renewables, which could displace some 8 million barrels of crude demand a day, according to Bloomberg New Energy Finance. Companies include France’s Total SA, which has made acquisitions to enter the business, Royal Dutch Shell, are also using experiences from running offshore rigs to develop wind farms in the North Sea.
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