ExxonMobil, Chevron Invest In Energy Innovation, Efficiency

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ExxonMobil, Chevron Invest In Energy Innovation, Efficiency

PALO ALTO, Calif -- Oil company giants Exxon Mobil Corp. and Chevron Corp. are addressing climate change and future energy sources with new global initiatives.

In a speech at Stanford University, home of the Global Climate and Energy Project (GCEP), which is supported by ExxonMobil, the oil company's Chairman and CEO Rex Tillerson said breakthrough academic research applied by the private sector on a global scale is a key element in delivering more energy while reducing greenhouse gas emissions.

"Energy innovation -- led by private enterprise, furthered by independent research, spread by free markets, and supported by sensible and stable public policy -- is critical to our future energy security and economic prosperity," Tillerson said.

"No single energy source available today solves the dual challenge of meeting growing energy demand while reducing emissions, and no single source will solve it tomorrow. Now and into the future, an innovative and integrated set of solutions will be needed, including producing hydrocarbons more effectively, using them more efficiently, improving existing alternatives and developing new ones."

Technology is the common denominator underpinning the integrated approach and is key to unlocking a more prosperous and more secure energy and environmental future, Tillerson said.

"This is where the work of GCEP is so important, as its research covers a broad spectrum of next-generation technologies, ranging from advanced research on renewable sources, especially solar and bio-energy, to groundbreaking efforts in hydrogen and electrochemical transformations," he said.

Exxon Mobil also is conducting its own in-house research and development aimed at increasing energy supplies while reducing greenhouse gas emissions. Among the projects: research into advanced technologies for lithium-ion batteries for use in hybrid and electric vehicles, the development of an on-vehicle hydrogen generation system and work with advanced biofuels.

Meanwhile, Chevron is committing $20 million over the next five years to form a partnership with the Qatar Science and Technology Park to establish The Center for Sustainable Energy Efficiency. The project will focus on developing technologies in lighting and cooling that work effectively in the Middle East climate.

The center, expected to open in late 2009, also will conduct research in the development and application of renewable power, such as solar, and will train Qatari engineers, scientists and students to build expertise and capabilities within the country.

"Chevron believes that energy efficiency and conservation are the most immediate and cost-effective sources of new energy, and we are proud to work in partnership with Qatar to help achieve environmentally responsible development and economic diversification -- two important elements of Qatar’s national vision," said Chevron Vice Chairman Peter Robertson. "By bringing Chevron’s global expertise in energy efficiency and renewable power to this premier center for research, learning and entrepreneurship, we can identify specific energy technologies that work well in the region’s desert climate and develop capabilities within the country that ultimately will benefit Qatar and the entire region."

The Center for Sustainable Energy Efficiency will be supported by Chevron’s technology companies, including Chevron Energy Solutions (CES), which developed hundreds of projects involving energy efficiency and renewable power facilities for education, government and business customers across the United States.

CES markets both energy efficiency and renewable energy technologies, such as high-efficiency lighting, cooling, fuel cells, biomass and solar.