Electric vehicles poised to chip away at biofuel production
Rising interest and investment in renewable diesel is shaping commodity, byproduct prices and feed formulations, but electric vehicles […]
— By Emma Penrod
This month, ExxonMobil turned heads when it suddenly announced it was walking away from its longstanding effort to derive biofuels from algae after spending more than US$350 million on the project. But it’s not that the company has given up biofuels as a concept — rather, it believes there are now more profitable biofuels to explore.
“Algae still has real promise as a renewable source of fuel, but it has not yet reached a level we believe is necessary to achieve the commercial and global scale needed to economically replace existing sources of energy,” ExxonMobil spokesperson Todd Spitler said.
But other fuels have. Spitler said ExxonMobil plans to invest US$17 billion in lower-carbon fuels between 2022 and 2027, with particular interests in carbon capture, hydrogen and other, non-algae...
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Marketwatch: Mar, 24
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