Research efforts to develop biofuels from algae got a big shot in the arm with the recent announcement that powerhouse Exxon Mobile made a $600M investment in Synthetic Genomics Inc.The basics of producing oil from algae is fairly well known. Algae stores energy for its metabolic processes in the form of fatty lipids (or oil) that is extracted and refined into fuel.The joint development program will last five or six years and involve building a new research facility in San Diego, California.