Rochester, NY 8/22/2009 2:45:16 AM
Exxon Mobil Corp., XOM - Exxon Mobil Reconsidering the Use of Green Technologies
Exxon Mobil Corp.
More than two years after Exxon Mobil Corp. Chairman and CEO Rex Tillerson famously characterized biofuels as "moonshine," the company has launched a program that could turn the so-called swill into future profits.
"After considerable study, we have determined that the potential advantages and benefits of biofuel from algae could be significant," Jacobs said. "Among other advantages, readily available sunlight and carbon dioxide used to grow the photosynthetic algae could provide greenhouse-gas mitigation benefits. Growing algae does not rely on fresh water and arable land otherwise used for food production. And lastly, algae have the potential to produce large volumes of oils that can be processed in existing refineries to manufacture fuels that are compatible with existing transportation and technology infrastructure."
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