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
Energy Boom content is for informational purposes only and is not intended to be advice regarding the investment merits of, or a recommendation regarding the purchase or sale of, any security identified on, or linked through, this site.