Energy Efficiency, Energy Procurement, Finance  -  March 2, 2018

ExxonMobil, Bank of America to fund Stanford energy research

ExxonMobil and Bank of America have signed on as founding members of the Stanford Strategic Energy Alliance, committing $20 million and $7.5 million, respectively.

The research program is designed "to accelerate the transformation of the world’s energy infrastructure to make it more sustainable, affordable and secure – and to extend modern energy services to developing economies," according to a report in Stanford News. The Alliance will match industry alliance members and Stanford professors to work across the spectrum of energy topics from science and engineering to policy and business. One area of research already announced will be to create new financial vehicles that reduce the costs and financial risks of building sustainable energy projects, especially in the developing world.

Improving how we produce and consume energy is one of the most pressing problems we face today," said Ann Arvin, vice provost and dean of research at Stanford. "I expect this new program will hasten further advances. It will attract even more faculty and students to answer the call, and they will find answers that might otherwise be missed."

Stanford’s Precourt Institute for Energy, which is responsible for managing the Alliance, is in discussion with other leading companies to join the Alliance.

The Strategic Energy Alliance is expected to build on the success of Stanford’s Global Climate & Energy Project, which is ending this year after 15 years in operation, mostly focusing on low-carbon energy research. Since its inception in 2003, the number of faculty members involved in energy research has grown from about 50 to 200.

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