ExxonMobil will contribute $20 million in funding over five years to the Stanford Strategic Energy Alliance to research and develop lower-carbon energy solutions. This support adds to the $8 billion spent by the company on lower-emission energy solutions since 2000.
Identifying scalable solutions for addressing the dual challenge of supplying energy to meet global demand while minimizing the risk of climate change is one of our core missions,” said Bruce March, president of the ExxonMobil Research and Engineering Company. “We are continuously looking for ways to improve existing supply options and manufacturing processes while managing carbon intensity.”
The alliance builds on the success of the Global Climate and Energy Project (GCEP), also led by Stanford, which focused exclusively on low-emission, high-efficiency energy technologies.
Since its creation in 2002, GCEP has sponsored 100 research programs in the United States, Europe, Australia, China and Japan, and has backed the development of more than 60 technologies and the issuance of more than 15 patents. Multiple companies have also started up as a direct result of, or inspiration from, GCEP research. ExxonMobil sponsored GCEP with an initial commitment of $100 million and has provided additional contributions toward specific projects.
ExxonMobil believes that collaboration will be critical to meeting the world’s dual energy challenge. Through its partnership with Stanford and other universities, the company can broaden its research footprint and support new ideas that could disrupt how energy is supplied and consumed.
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