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Exxon to Invest Millions to Make Fuel From Algae

July 13, 2009 /

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Bear Paw Development Corporation is a private non-profit organization created for the purpose of administering programs to help improve regional economic conditions in Hill, Blaine, Liberty, Chouteau and Phillips Counties and the Fort Belknap and Rocky Boy's Indian Reservations.

The oil giant Exxon Mobil http://www.exxon.com , 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.

By JAD MOUAWAD

Full Story: http://www.nytimes.com/2009/07/14/business/energy-environment/14fuel.html?_r=1&ref=global-home