Technology

Oil giant Exxon backs away from algae after touting it as fuel of the future

The company said it is pulling funding for algae projects in favor of other technologies to produce environmentally friendly fuels.

Darren Woods, Chairman & CEO of Exxon Mobil Corporation attends a news conference at the New York Stock Exchange (NYSE) in New York, U.S., March 1, 2017.
Darren Woods, Chairman & CEO of Exxon Mobil Corporation attends a news conference at the New York Stock Exchange (NYSE) in New York, U.S., March 1, 2017.Photo: Recharge/Reuters/NTB scanpix
Published 15 February 2023, 18:27Updated 15 February 2023, 18:27
AlgaeRenewable energyOil