Big Oil Unexpectedly Backing Newest Non-Fossil Fuels
- Exxon, Total and Enbridge are backing cutting-edge renewables
- Investments are a departure from ethanol, other biofuels
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Big oil is dipping a few more toes into clean energy.
Exxon Mobil Corp. is partnering with a company to capture carbon-dioxide emissions from power plants. Total SA, the French oil supermajor, announced a $1.1 billion deal Monday to buy the battery maker Saft Groupe SA, complementing its 2011 purchase of a majority stake in the solar-panel maker SunPower Corp. And the Canadian pipeline company Enbridge Inc. announced Tuesday it will pay $218 million for stakes in offshore wind farms as it attempts to double its low-carbon generating capacity.