Exxon to Invest $600M in Algae-Based Fuel

Next hurdle: bringing it to market

(NEWSER) - Algae-based fuel is a step closer to reality. Scientists in California have genetically modified a microbe so that it can convert seaweed into biofuel, the Guardian reports. "Natural seaweed species grow very fast—10 times faster than normal plants—and are full of sugars, but it has been very difficult to make ethanol by conventional fermentation," says a researcher. The microbe breakthrough is a "critical step" toward an alternative form of ethanol, but there's still a long way to go. More»

(NEWSER) - It’s as slimy as it is unassuming, but algae could be the stuff the next great biofuel is made of. The simple organisms convert solar energy into an oily material that could, theoretically, be processed into a biofuel to power a car. But there are untold varieties of algae out there, the Wall Street Journal reports, and the hunt is on to find the right pond scum for the job. More»

Brewer Sierra Nevada gets in on plan to produce alternative fuel

(NEWSER) - Brewer Sierra Nevada is part of an effort to turn byproducts of the beer-making process into usable, alternative fuel, CNET reports. E-Fuel sells a $10,000 portable ethanol refinery that the brewer will feed with its yearly output of 1.6 million gallons of “bottom of the barrel” waste. The company will first use the ethanol to power its own fleet, then supply workers and sell it on the market. More»

Behemoth stood still when oil hit record highs, now has $40B for buying spree

(NEWSER) - Flush with cash after resisting costly acquisitions while oil prices hit record highs, Exxon Mobil could be ready for a shopping spree that could alter the face of the world’s energy supply, reports the Wall Street Journal. The company has nearly $37 billion in reserves and could target another oil company, like Shell, and “change the industry structure forever,” say analysts. More»

(NEWSER) - A year of flush oil prices is paying off nicely for Exxon Mobil chief Rex Tillerson. He will get a $4 million bonus this year and a 10% increase in salary next year to $2.06 million, Reuters reports. Tillerson also will receive 225,000 shares of restricted stock. In October, Exxon posted a $14.8 billion profit in the third quarter, the biggest quarterly mark ever by a US company. Crude prices have since fallen. More»