LONDON, U.K. --- BP announced plans to invest $500 million in biofuels research over the next 10 years. The energy research laboratory will be affiliated with a major university, either in the U.K. or the U.S.
BP Chief Executive Lord Browne said the company was already in discussions with several universities. The program is expected to launch next year.
The primary goals of the research institute would be to 1) develop biofuel components and improve the efficiency and flexibility of those currently blended with fuels, 2) to devise technologies to enhance and accelerate the conversion of organic matter to biofuel molecules, and 3) to use modern plant science to develop species that produce a higher yield of energy molecules in order to increase the proportion of a crop that can be used to produce feedstock.
"Bioscience is already transforming modern medicine and we believe it can bring immense benefits to the energy sector," Browne said.
Originally posted on Fleet Financials