In June 2005, Venter co-founded Synthetic Genomics, a firm dedicated to using modified microorganisms to produce clean fuels and biochemicals.
In July 2009, ExxonMobil announced a $600 million collaboration with Synthetic Genomics to research and develop next-generation biofuels.

Venter continues to work on the creation of engineered diatomic microalgae for the production of biofuels.

Venter is seeking to patent the first partially synthetic species possibly to be named Mycoplasma laboratorium.
There is speculation that this line of research could lead to producing bacteria that have been engineered to perform specific reactions, for example, produce fuels, make medicines, combat global warming, and so on.

In May 2010, a team of scientists led by Venter became the first to successfully create what was described as "synthetic life".
This was done by synthesizing a very long DNA molecule containing an entire bacterium genome, and introducing this into another cell, analogous to the accomplishment of Eckard Wimmer's group, who synthesized and ligated an RNA virus genome and "booted" it in cell lysate.
The single-celled organism contains four "watermarks"
written into its DNA to identify it as synthetic and to help trace its descendants.
The watermarks include 
Code table for entire alphabet with punctuations
Names of 46 contributing scientists
Three quotations
The secret email address for the cell.

On March 25, 2016 Venter reported the creation of Syn 3.0, a synthetic genome  having the fewest genes of any freely living organism (473 genes).
 Their aim was to strip away all nonessential genes, leaving only the minimal set necessary to support life.

This stripped-down, fast reproducing cell is expected to be a valuable tool for researchers in the field.

In August 2018, Venter retired as chairman of the board, saying he wanted to focus on his work at the J. Craig Venter Institute.
He will remain as a scientific advisor to the board.
In June 2005, Venter co-founded Synthetic Genomics, a firm dedicated to using modified microorganisms to produce clean fuels and biochemicals. In July 2009, ExxonMobil announced a $600 million collaboration with Synthetic Genomics to research and develop next-generation biofuels. 
Venter continues to work on the creation of engineered diatomic microalgae for the production of biofuels.
Venter is seeking to patent the first partially synthetic species possibly to be named Mycoplasma laboratorium. There is speculation that this line of research could lead to producing bacteria that have been engineered to perform specific reactions, for example, produce fuels, make medicines, combat global warming, and so on.
In May 2010, a team of scientists led by Venter became the first to successfully create what was described as "synthetic life". This was done by synthesizing a very long DNA molecule containing an entire bacterium genome, and introducing this into another cell, analogous to the accomplishment of Eckard Wimmer's group, who synthesized and ligated an RNA virus genome and "booted" it in cell lysate. The single-celled organism contains four "watermarks"
written into its DNA to identify it as synthetic and to help trace its descendants. The watermarks include 
Code table for entire alphabet with punctuations
Names of 46 contributing scientists
Three quotations
The secret email address for the cell.
On March 25, 2016 Venter reported the creation of Syn 3.0, a synthetic genome  having the fewest genes of any freely living organism (473 genes).  Their aim was to strip away all nonessential genes, leaving only the minimal set necessary to support life.
This stripped-down, fast reproducing cell is expected to be a valuable tool for researchers in the field.
In August 2018, Venter retired as chairman of the board, saying he wanted to focus on his work at the J. Craig Venter Institute. He will remain as a scientific advisor to the board.
Craig Venter