Exxon Commits $1 Billion a Year to Environment-friendly Research

One of the world's biggest oil companies is pumping more than $1 billion a year into alternative forms of energy from algae engineered to bloom into biofuels and cells that turn emissions into electricity.The funds from Irving-based Exxon Mobil Corp. are for more than a hundred research projects on environmentally-friendly technologies in five to 10 key areas, according to Vijay Swarup, vice president of research and development. While any commercial breakthrough is at least a decade away, Exxon's support for clean energy suggests the world's most valuable publicly-traded oil company is looking toward the possibility of a future where fossil fuels are less dominant.  Continue reading...