Exxon Mobil not giving up on algae-based biofuels dream

Global energy brand Exxon Mobil (EM) has revealed it will restructure its attack on biofuels from algae after struggling to reach commercial viability.

EM has reportedly invested over $100 million (€77 million) on the project, in conjunction with US-based Synthetic Genomics (SG), since 2009 and had hoped to hit its target goal within 10 years.

This new stance was mutually agreed by both companies, with EM spokesperson Charles Englemann quoted as saying: ‘We’ve both gained significant understanding of the challenges that must be overcome to deliver scalable algae-based biofuels’.

James Flatt, chief technology officer for SG, believes the research completed to date demonstrated that ‘simple modifications of natural algae are not sufficient for commercial-scale production’.

It is reported that the removal of a “business deadline” will allow SG to ‘get back to basics’ and a new co-funding agreement will be made to allow the project to move forward.