The stock of Exxon Mobil Corporation (NYSE:XOM) closed at $82.41 losing 0.02% in yesterday’s trading session. This company has channeled a large chunk of its resources towards the expansion of the New Jersey Research and Engineering Center. If everything moves according to plan, the construction of the facility might be completed by 2019 and the workers will be compelled to relocate.
President of ExxonMobil Research and Engineering Company, Bruce March, opined, “The expansion of our New Jersey research and engineering center will improve collaboration across our organization and enhance our ability to accelerate breakthroughs in new and emerging technologies.”
The world currently requires higher levels of energy and the company remains committed to fulfilling its promise of serving the needs of the various customers fully. It is considering bringing potential new technologies online in a bid to improve on its service delivery.
Exxon Mobil undertakes on a wide array programs and partnerships seeking to set up scalable energy solutions to help meet the global demand. It also targets mitigating the risk associated with the ever changing climatic conditions.
The vice president of research and development, Vijay Swarup, outlined that their research addressed major elements of the dual challenge the company had been facing over the years. The management is paying a major focus on strengthening the company’s research capabilities under one roof.
The expanded facility in Clinton will include a lubricant research and development blend plant, a new engine testing center as well as enhancements to existing facilities. They will all be set to accommodate the various employees that will be relocating.
ExxonMobil also co-operates with almost 80 universities across the world and they in a joint effort seek to explore next-generation energy technologies. It has in numerous instances collaborated with a series of Energy Centers at the University of Texas and Princeton University.
One of the officials working with the company said that they also had other plans underway to help them scale higher in business. ExxonMobil believes that proper strategizing is important towards reaching its business goals.