US energy provider Exelon Corp (NYSE:EXC) and Northwestern University will partner on clean energy innovation under a master research agreement announced this week.
The deal envisages an initial five-year period of research in areas including grid management and resilience, energy storage and renewable technologies. It will seek to streamline the process of bringing scientific discoveries made in Northwestern labs to market.
"With the energy landscape evolving faster than ever, Exelon is building relationships with top research centers to create an ecosystem for advancing energy technology and ingenuity," said Exelon chief executive and president Chris Crane. He added that the partnership was part of efforts to bring to life innovations that could benefit the company and its customers.
Research discoveries could have an immediate and tangible effect on how energy is produced, transmitted and consumed in the US, the partners said.