Oil giant ConocoPhillips (NYSE:COP) and ag giant Archer Daniels Midland Company (NYSE:ADM) announced they will collaborate to develop renewable transportation fuels from biomass.
The alliance will research and seek to commercialize two components of a next-generation biofuel production process:
The conversion of biomass from crops, wood or switchgrass into biocrude, a non-fossil substance that can be processed into fuel; and
The refining of biocrude to produce transportation fuel.
“ConocoPhillips believes that the development of next-generation biofuels is a critical step in the diversification of our nation’s energy sources,” said Jim Mulva, chairman and chief executive officer, ConocoPhillips. “We are hopeful that this collaboration will provide innovative technology toward the large-scale production of biofuels that can be moved efficiently and affordably through existing infrastructure.”
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