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Exxon takes algae biofuels programme to the drawing board after $100 million spend [Registered]

Exxon which has invested more than $100 million to develop algae-derived biofuels, is refocusing its research with Synthetic Genomics Inc. (SGI) after almost four years of work failed to produce cheap fuel. It is apparent from the recent press release from Synthetic Genomics that there has not been the anticipated progress that greeted the investment. While algae is a promising source of fuel because it produces large amounts of oil and can be cultured in brackish water not suitable for conventional irrigation, algae-based fuels are currently too expensive to compete with fossil fuels. Exxon and Synthetic Genomics have been exploring…

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