Go Green : Algae biofuels

CNN reports that ExxonMobil is teaming up with the biotech research company run by genomics pioneer Craig Venter to produce algae-based biofuels.

ExxonMobil world's second largest company announced that it will invest at least $300 million in biotechnology research with Venter's Synthetic Genomics Inc to help develop biofuels made from algae, as it looks to diversify its energy portfolio.

Algae have been touted as a better organic material for producing biofuel by many researchers and entrepreneurs. It does not take up any arable land and can be grown in controlled conditions; at a basic level algae only needs water, sunlight, carbon dioxide and some nutrients to grow. Algae also photosynthesize to double its size in about a day.

Nevertheless, critics have questioned whether enough biomass can be produced on an industrial scale to meet future fuel demands.