Multinational oil and gas corporation ExxonMobil has committed to investing up to $100 million (€89.3 million) over a ten-year period into the research and development of lower emissions technologies, including biofuels.
Through collaborations with the US Department of Energy’s National Renewable Energy Laboratory and National Energy Technology Laboratory, ExxonMobil will seek opportunities to bring biofuels and carbon capture and storage to commercial scale in the transport, power generation and industrial sectors.
“We’re focusing on advancing fundamental science to develop breakthrough solutions that can make a difference on a global basis in emissions reduction,” said Darren W. Woods, chairman and CEO of ExxonMobil. “We’re doing that with our in-house scientists and with corporate partners, through relationships with 80 universities and now with the intellectual and computing capacity of the renowned national labs.”
Research undertaken through the partnership will consider the reduction of emissions from fuels and petrochemicals production, as well as facilitate projects with other national laboratories, including the Idaho National Lab.
“Finding meaningful solutions to address climate change is going to take everyone – governments, companies and academia – working together,” said Vijay Swarup, vice-president of research and development at ExxonMobil Research and Engineering Company. “This agreement will help us advance fundamental science and demonstrate scale. This is critical because it will give us a better understanding of how to progress technologies so they can be applied globally.”
“The National Renewable Energy Laboratory is excited to work with ExxonMobil to develop scalable energy solutions for the future and facilitate research partnerships across the national lab system,” added Martin Keller, director at the National Renewable Energy Laboratory.
Since 2000, ExxonMobil has reportedly spent over $9 billion (€8 billion) in the development and introduction of lower emissions energy solutions.
“This opportunity targets research challenges and the development of technology central to our mission and our capabilities,” said Brian Anderson, director at the National Energy Technology Laboratory. “We’re bringing incredible research capability, enhanced by ExxonMobil’s industry expertise and ability to scale-up new technologies globally, which will ultimately benefit consumers in the near term, while also enhancing our nation’s prosperity and energy security.”