Monday, July 13, 2009

Make millions by not cleaning your pool!


The oil giant Exxon Mobil, whose chief executive once mocked alternative energy by referring to ethanol as “moonshine,” is about to venture into biofuels.

On Tuesday, Exxon plans to announce an investment of $600 million in producing liquid transportation fuels from algae — organisms in water that range from pond scum to seaweed. The biofuel effort involves a partnership with Synthetic Genomics, a biotechnology company founded by the genomics pioneer J. Craig Venter.

The agreement could plug a major gap in the strategy of Exxon, the world’s largest and richest publicly traded oil company, which has been criticized by environmental groups for dismissing concerns about global warming in the past and its reluctance to develop renewable fuels.


Mike Goldman said...

So what they'll do is develop the technology well enough to apply for patents, and then lock those patents up. Isn't that "Standard" MO?

ellroon said...

"Don't even THINK about using algae for energy, we own it ALLLLL!," Big Oil companies.

Kinda like the electric car that worked just a bit too well....