Exxon Leading in Algae Investment
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BP recently announced an investment of $10 million in a new initiative to develop sugar to biodiesal methodologies. Essentially that means figuring out a way to convert sugar into fuel efficiently using microbial organisms like algae.When it comes to algae though, Exxon has taken a strong lead with its investment of $600 million to develop hydrocarbons using algae processing.BP claims that overall the company has invested over $1.5 billion in biofuels research but doesn’t provide any breakout of where that money went.
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