Chevron commits up to $12 million for advanced research into cellulosic biofuels and hydrogen
Chevron Corporation and the Georgia Institute of Technology have formed a strategic research alliance to pursue advanced technology aimed at making cellulosic biofuels and hydrogen viable transportation fuels, the company said on its website.
Chevron Technology Ventures, a subsidiary of Chevron Corporation, plans to collaborate with Georgia Tech's Strategic Energy Institute and contribute up to $12 million over five years for research into and development of these emerging energy technologies.
The focus of the joint research is to develop commercially viable processes for the production of transportation fuels from renewable resources such as forest and agricultural waste. This is viewed as an important advancement over first-generation biofuels such as ethanol and biodiesel, which are made from agricultural crops such as corn, sugarcane and soybeans.
"This research alliance underscores Chevron's commitment to expand and diversify the world's energy sources and represents an ambitious effort to achieve breakthrough technology in the development of cellulosic biofuels," said Don Paul, vice president and chief technology officer, Chevron Corporation.
"Beyond this project, Chevron in 2006 expects to spend approximately $400 million in the development of alternative and renewable energy technologies and in delivering energy efficiency solutions," added Paul.