Exxon Mobil lays $600 million on the line for algae fuels

Exxon Mobil said Tuesday it'll launch a new algae-based biofuels program valued at up to $600 million in the oil major's biggest move so far into alternative energy as a hedge against challenges facing the fossil-fuel business.

Exxon Mobil /quotes/comstock/13*!xom/quotes/nls/xom (XOM 65.88, +0.18, +0.27%) formed a research-and-development alliance with La Jolla, Calif.,-based Synthetic Genomics for next-generation biofuels from photosynthetic algae.

The oil major joins a list of big names associated with the research firm founded by J. Craig Venter and Nobel Laureate Hamilton O. Smith including BP plc /quotes/comstock/13*!bp/quotes/nls/bp (BP 46.55, +0.35, +0.76%) , Biotechonomy LLC, Draper Fisher Jurvetson and Plenus, S.A. de C.V.

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- Posted: 2009-07-14 09:14:26

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