ExxonMobil, the oil giant responsible for products like Mobil DTE 24 and Mobil Vactra 4, is teaming up with Statoil to invest more money into sustainable energy research.
The oil and gas behemoths recently announced their research partnerships, which will see them invest more in algae fuels, as well as a range of sustainable technologies.
Statoil recently signed an agreement with the Norwegian University of Science and Technology to fund research into sustainable solutions for energy, and are set to contribute a minimum of £1.5m to the University’s £50m project, which will look at sustainable technologies, as well as the effects of climate policies and market prospects.
Also, ExxonMobil have pledged £750,000 to Michigan State University. The money will be ploughed into research on sustainable algae fuels, which could one day revolutionise the ways in which we generate energy.
Speaking to Business Green, the vice president of ExxonMobil’s research and engineering company said:
“We know certain types of algae produce bio-oils. The challenge is to find and develop algae that can produce bio-oils at scale on a cost-efficient basis.”
ExxonMobil’s ultimate aim is to be able to process algae oil to supplement crude oil it uses in a number of its products, and across a variety of industries, including the motor and aviation industries, while Statoil is looking to invest more in technologies such as carbon capture and storage and renewable energies in order to bolster its sustainability and efficiency in the market for years to come.