ExxonMobil has signed an agreement with the Massachusetts Institute of Technology (MIT) to become a founding member of – and invest $25 million in – the MIT Energy Initiative (MITEI), a collaboration aimed at advancing and exploring the future of energy.
ExxonMobil says it will work with MIT on a wide range of projects, including research to improve and expand renewable energy sources and find more efficient ways to produce and use conventional hydrocarbon resources. The company will invest $25 million during the next five years to support faculty and student research efforts, as well as establish graduate energy fellowship appointments at MIT.
"At MIT, we find that working closely with industry alerts us to real-world problems and opportunities for progress. There is simply no better way to ensure that our research has an impact in the world," says MIT President Rafael Reif. "That concept is at the heart of our long and successful relationship with ExxonMobil."
"If we are going to continue to meet the world's growing energy demand, we need to leverage partnerships such as this one with MITEI to help find efficient, scalable and responsible ways to bring affordable energy to global markets," adds TJ Wojnar Jr., president of ExxonMobil Research and Engineering Co.
ExxonMobil says this latest investment is part of a larger, ongoing effort by the company to explore early-stage innovative projects through partnerships with other leading universities around the world.