The Department of Energy and ExxonMobil have signed a 10-year agreement to research and develop technologies designed to reduce emissions from petrochemicals and fossil fuels production.
DOE said Wednesday ExxonMobil will invest up to $100M over a decade in the department's National Renewable Energy Laboratory and National Energy Technology Laboratory to advance the development of platforms meant to enhance energy efficiency and mitigate greenhouse gas emissions.
“Today's announcement reinforces the department's commitment to invest in public-private partnerships that maximize R&D and, ultimately, deploy innovative, economical, and lower-emission technologies from DOE's national labs,“ said Mark Menezes, undersecretary of energy.
DOE's national labs and ExxonMobil will initially explore approaches to commercially scale up carbon capture and storage and biofuels across manufacturing, transportation and power generation sectors.
Since 2000, ExxonMobil has spent over $9B on efforts to build and field lower-emissions energy technologies.