ExxonMobil to invest USD 15m to research energy innovations with Texas uni
US oil and gas major ExxonMobil (NYSE:XOM) on Tuesday announced a joint research initiative with the University of Texas at Austin to study energy innovations including integrating renewables into the supply mix.
The company said it will invest USD 15 million (EUR 13.6m) as a leadership member of the University of Texas at Austin Energy Institute.
The partners will also look to improve the efficiency and reduce the environmental impacts of traditional energy sources. Research projects will take advantage of the university's capabilities in renewable energy, battery technologies and power grid modeling, according to the announcement.
"Our scientists and engineers look forward to collaborating with UT’s faculty and students through the Energy Institute to develop breakthrough technologies that can help reduce emissions," said Sara Ortwein, president of ExxonMobil Upstream Research Company.
In the area of carbon capture and storage, ExxonMobil will expand its collaboration with the university’s Gulf Coast Carbon Center. This research will add to the company's partnership with FuelCell Energy Inc to advance carbonate fuel cell technology to make carbon capture from natural gas-fueled power plants more affordable.