Synthetic Genomics Inks $300M Algae Research Deal With ExxonMobil

Synthetic Genomics Inc. (SGI) has signed a multi-year, multi-million dollar research and development agreement with ExxonMobil Research and Engineering Company (EMRE) to develop next-generation biofuels using photosynthetic algae.

As part of the multi-faceted agreement, SGI will receive milestone payments for achievements in developing biofuel products. Total funding for SGI in research and development activities and milestone payments could amount to more than $300 million with the potential for additional income from licensing to third parties.