Exxon makes first big investment in biofuels

SFGate.com (San Francisco, CA)
By JOHN PORRETTO, AP Energy Writer
Tuesday, July 14, 2009

(07-14) 07:37 PDT HOUSTON, (AP) -- Exxon Mobil Corp. said Tuesday it will make its first major investment in greenhouse-gas reducing biofuels in a $600 million partnership with biotech company Synthetic Genomics Inc. to develop transportation fuels from algae.

Despite record-breaking profits in recent years, the oil and gas giant has been criticized by environmental groups, members of Congress and even shareholders for not spending enough to explore alternative energy options.

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