World News
ExxonMobil Moves to Commercialize Algae-Based Biofuel
ExxonMobil is taking the next steps to commercialise algae-based biofuel products from California's Viridos Inc.
The pair have been working together on the products since 2009, a market commentary from Zacks Equity Research noted today, and while progress was said to have been "turbulent" at times, the companies have now reached the point where they have inked an new agreement aimed at commercializing the low-carbon biofuels.
The agreement will see the pair continue to develop Viridos' technology and ultimately produce commercial quantities of biofuel for use in the maritime, aviation, and other heavy transport sectors.
The terms of the renewed partnership should also allow other interested parties access to Viridos' technology, the firm noted.
"We're excited to announce that ExxonMobil is continuing this collaboration with us to bring sustainable algae biofuels technology closer to commercial deployment," said Viridos' CEO, Dr. Oliver Fetzer.
"In this next phase of the program, we intend to broaden participation and invite others to build the ecosystem required for full-scale deployment."
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