Today it was announced that ExxonMobil will be teaming with Craig Venter from Synthetic Genomics to develop algae-based biofuels. Mr. Venter is known for pioneering work on the human genome. From the article on earth2tech it appears that the goal of this project is to create genetically engineered algae capable of producing something akin to gasoline. Unfortunately, this story fails to address potential concerns posed by Hydrogen Convergence.
This kind of investment is typical of how incumbents address disruptive innovation that threatens their current revenue streams. Big oil companies could position themselves to take a leadership role in hydrogen production and hydrogen distribution infrastructure. However, some will choose to ignore hydrogen convergence and defend their current gasoline distribution networks. Only, time will tell which energy future is correct. The only thing that is certain is that the clock is ticking and that technology waits for no one.
IT Investment Architect®