By Michael Dabaie

ExxonMobil Corp. said it acquired a 49.9% stake in Biojet AS, a Norwegian biofuels company that plans to convert forestry and wood-based construction waste into lower-emissions biofuels and biofuel components.

Biojet AS plans to develop up to five facilities to produce biofuels and biofuel components. The company anticipates commercial production to begin in 2025 at a manufacturing plant to be built in Follum, Norway, Exxon said.

The agreement enables Exxon to purchase as much as 3 million barrels of the products per year, based on the potential capacity of five facilities, the company said.

Biofuels and biofuel components can meet the requirements for advanced fuels under Norwegian, EU and U.K. regulations, Exxon said.

Exxon said the investment in Biojet builds on its efforts to develop and deploy lower-emission energy solutions. Exxon established a Low Carbon Solutions business in 2021.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

January 11, 2022 07:38 ET (12:38 GMT)

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