U.S. oil giant ExxonMobil will invest up to $100 million over 10 years to research and develop advanced lower-emissions technologies.
ExxonMobil said on Wednesday that the company would develop the new technologies with the U.S. Department of Energy’s National Renewable Energy Laboratory and the National Energy Technology Laboratory.
The agreement will support research and collaboration into ways to bring biofuels and carbon capture and storage to commercial scale across the transportation, power generation, and industrial sectors.
Darren W. Woods , chairman and CEO of ExxonMobil, said: “We’re focusing on advancing fundamental science to develop breakthrough solutions that can make a difference on a global basis in emissions reduction.
“We’re doing that with our in-house scientists and with corporate partners, through relationships with 80 universities and now with the intellectual and computing capacity of the renowned national labs.”
The agreement will stimulate collaborative projects between ExxonMobil and the two laboratories and facilitate work with other national laboratories, such as the Idaho National Lab.
Martin Keller , director at the National Renewable Energy Laboratory, added: “The National Renewable Energy Laboratory is excited to work with ExxonMobil to develop scalable energy solutions for the future and facilitate research partnerships across the national lab system.
“By working side-by-side with ExxonMobil researchers, this partnership provides an unprecedented opportunity to explore new technologies and transform energy through science.”
This collaboration is a recent addition to a series of partnerships ExxonMobil established for innovative lower-emissions research programs, which includes over 80 universities, five energy centers, and multiple private sector partners.
According to the company, it has spent more than $9 billion since 2000 developing and deploying lower-emissions energy solutions.
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