Exxon invests $300 million in algae-based biofuels

Oil giant ExxonMobil has made plans to invest at least $300 million (and up to $600 million) in research involved with developing algae-based biofuels.

To conduct the research, the company is teaming up with DNA pioneer Craig Venter and his biotech research company. Venter is credited with being instrumental in the completion of the Human Genome Project and is a regular on Time's yearly list of the 100 most influential people in the world.

"We believe that biofuel produced by algae could be a meaningful part of the solution in the future if our efforts result in an economically viable, low net-carbon emission transportation fuel," said Dr. Emil Jacobs, vice president of research and development at ExxonMobil Research and Engineering, in a press statement.

As Venter said in another statement, the real challenge to this project will be creating the ability to efficiently mass produce any algae-based biofuel that is developed. Fore more info on ExxonMobil and Venter's work with algae-based biofuels, check out this story on cnn.com.