Multinational oil and gas giant ExxonMobil, has earmarked to $100 million to be spent over the next ten years in research and development of advanced lower-emissions technologies with the U S Department of Energy’s National Renewable Energy Laboratory and National Energy Technology Laboratory.
The agreement among the largest between the department’s laboratories and the private sector will support ways to bring biofuels and carbon capture and storage to commercial scale across the transportation, power generation and industrial sectors.
“We’re focusing on advancing fundamental science to develop breakthrough solutions that can make a difference on a global basis in emissions reduction,” said Darren W. Woods, chairman and chief executive officer of ExxonMobil.
The partnership focus on technologies related to energy efficiency and greenhouse gas mitigation. The joint research will also focus on reducing emissions from fuels and petrochemicals production. The agreement will stimulate collaborative projects between ExxonMobil and the two laboratories and facilitate work with other national laboratories, such as the Idaho National Laboratory.