ExxonMobil Invests in the Future

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ExxonMobil Invests in the Future

IRVING, Texas -- Exxon Mobil Corp., operator of more than 4,000 convenience stores and gas stations in the United States, said it plans to invest $100 million in a groundbreaking Stanford University project dedicated to researching new options for commercially viable, technological systems for energy supply and use which have the capability to substantially reduce greenhouse emissions.

The Global Climate and Energy Project (G-CEP) will be led by Stanford University and involve world-renowned academic research institutions and global companies, including ExxonMobil, General Electric and Schlumberger. E.ON, Europe's largest privately owned energy service provider, has also signaled its intention to join the project along with anticipated other academic and corporate sponsors from around the globe.

"We are convinced the Global Climate and Energy Project will make significant academic and private sector contributions to the development of practical technologies to address the potential long-term risk of climate change," said ExxonMobil chairman and CEO Lee Raymond. "ExxonMobil is proud to work with a university of the reputation, experience and ability of Stanford, and to be among the select group of sponsors coming together to make this project happen."

The announcement of the project comes as some scientists have begun calling for a research effort as ambitious as the Apollo project to address both energy needs and emission reductions. "We believe that G-CEP will play a cutting-edge role in pushing the frontiers of technology into new generations of energy systems. For ExxonMobil, G-CEP represents a powerful vehicle by which energy science will move forward to find economically attractive technologies that will be successful in the global market and vital to meeting energy needs in the industrialized and developing world," Raymond said.