Royal Dutch Shell (NYSE: RDS.A) is moving out of the algal biofuel industry, at least for the short-term.
The company has announced it is pulling out of its joint venture with HR Biopetroleum to develop algae-based fuel in Hawaii. Instead, HR Biopetroleum will become the sole owner of the project and its six acre demonstration site.
Shell's chief technology officer, Gerald Schotman has called 2011 "the year of choices" regarding the company's advanced biofuel plans. According to Schotman, Shell will narrow its focus to five cellulosic biofuel technologies this year.
Despite being considered one of the best emerging biofuel technologies, the oil giant doesn't see algae-based fuel as a fit within its business: "In keeping with Shell's portfolio approach to the research, development and commercialisation of advanced biofuels, this decision will allow Shell to focus on other options that have shown a better fit with Shell's biofuels portfolio and strategy."
Read the full story at Biofuels Digest: Shell exits algae as it commences "Year of Choices"
Image credit: Roban Kramer via Flickr
Nathanael Baker is the Managing Editor of EnergyBoom. He has researched and reported on the issues of renewable energy, sustainability, and climate change for over two years. He has provided research to the New York Times and The Economist, as well as being published on different media outlets including, The Energy Collective.
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