ExxonMobil today has announced a massive $600 million partnership with Synthetic Genomics Corp to explore alternative energy.

More specifically, Exxon is looking at developing fuel with second-generation photosynthetic algae, a good clean and sustainable alternative that even consumes carbon dioxide.

ExxonMobil VP of Research told the AP today, “This is not going to be easy, and there are no guarantees of success,”

According to Exxon, the algae has similar molecular structures as petroleum products, meaning Exxon would make the fuel conversions at existing plants.

Exxon Mobil VP Michael Dolan said, “While significant work and years of research and development still must be completed, if successful, algae-based fuels could help meet the world’s growing demand for transportation fuel while reducing greenhouse gas emissions,”

Exxon Mobil has been strongly criticized for not looking at finding alternative cleaner energies.

The $600 million investment is still marginal compared to the $29 billion ExxonMobil is expected to spend in 2009 on traditional less eco-friendly sources.

ExxonMobil says the company has spent $1.5 billion “over the past five years on activities that improve energy efficiency and reduce greenhouse gas emissions.”