Thursday 1 March 2018

Bank of America, ExxonMobil invests $27.5m in Stanford energy alliance

Stanford University has launched a new energy alliance that will facilitate research and educational relationships between academics and companies.

As founding members, ExxonMobil and the Bank of America have committed $20 million (£14.6m) and $7.5 million (£5.5m) respectively to the Stanford Strategic Energy Alliance.

The alliance will fund early stage research across a spectrum of energy topics from science and engineering to policy and business.

It aims to accelerate the transformation of the world’s energy infrastructure to make it more sustainable, affordable and secure as well as extend modern energy services to developing economies.

One major area of research will be to create new financial vehicles that reduce the costs and financial risks of building sustainable energy projects, especially in the developing world.