Exxon Mobil Buys Stake in Norwegian Biofuels Company in Clean Energy Push

The investment in Biojet builds on Exxon Mobil’s efforts to develop and deploy lower-emission energy solutions.

Hart Energy Staff

Exxon Mobil Corp. acquired a 49.9% stake in Norwegian biofuels company Biojet AS, as it looks to strengthen its low-carbon business to aide its targets for reducing greenhouse gas emissions, the company said Jan. 11.

Biojet plans to develop up to five facilities to produce biofuels from forestry and wood-based construction waste, and expects commercial production to begin in 2025 at a manufacturing plant to be built in Follum, Norway.

Already have an account? Log In

Sign up for FREE access to view this article now!

Unlock Free Access