Exxon making large investment in biofuels

Exxon is planning a $600 million investment in biofuel through a strategic partnership Synthetic Genomics to develop transportation fuels from algae.  Algae is considered a sustainable source for second generation biofuels, which go beyond corn based ethanol into nonfood sources such as switchgrass and wood chips.

Despite record-breaking profits Exxon  has been criticized by environmental groups, members of Congress and even shareholders for not spending enough to explore alternative energy options.

One of the company's requirements was finding a biofuel source that could be produced on a large scale. It says photosynthetic algae appears to be a viable, long-term candidate. If the alliance is successful, pumping algae-based gasoline at Exxon service stations is still several years away and will mean additional, multibillion-dollar investments for mass production.

"This is not going to be easy, and there are no guarantees of success," Emil Jacobs, a vice president at Exxon Mobil Research and Engineering Co., said in an interview with The Associated Press. "But we're combining Exxon's technical and financial strength with a leader in bioscientific genomics."

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