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Bloomberg: Exxon spending $1B annually on green energy research

Published 11/03/2017, 10:39 AM
© Reuters.  Bloomberg: Exxon spending $1B annually on green energy research
XOM
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  • Exxon Mobil (XOM -0.3%) is spending more than $1B/year on research into alternative forms of energy from algae engineered to bloom into biofuels and cells that turn emissions into electricity, Bloomberg reports.
  • VP of R&D Vijay Swarup says the funds are for more than 100 research projects on environmentally friendly technologies in 5-10 key areas, while cautioning that any commercial breakthroughs are at least a decade away.
  • While XOM has discussed some of its work before and runs advertisements about its work in algae, Swarup's remarks are the first indication of the breadth of the company’s interests in alternative energies.
  • Now read: Exxon's Secret Weapon Is Not The Only Thing I Like


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