ExxonMobil Joins Stanford Energy Alliance for Low-Carbon Solutions

ExxonMobil Corporation (XOM) said that it will become the first founding member of the new Stanford strategic energy alliance. The alliance is an initiative that will examine ways to improve energy access, security and technology while reducing impacts on the environment.

As part of its commitment, ExxonMobil will contribute $20 million in funding over five years to research and develop lower-carbon energy solutions.

The Stanford strategic energy alliance builds on the success of the Global Climate and Energy Project (GCEP), also led by Stanford, which focused exclusively on low-emissions, high-efficiency energy technologies.

ExxonMobil has sponsored GCEP since its inception in 2002 with a commitment of $100 million and additional contributions toward specific projects. In its 15 years of work, GCEP has evolved into a pioneering collaboration of scientists, engineers, researchers and students focused on identifying breakthrough low greenhouse gas emission energy technologies that could be developed and deployed on a large scale.

ExxonMobil’s support for the Stanford strategic energy alliance expands the company’s collaborative efforts with other academic and research institutions that are focused on developing an array of new energy technologies, improving energy efficiency and reducing greenhouse gas emissions. The company currently works with about 80 universities in the US, Europe and Asia to explore next-generation energy technologies, including founding members of MIT Energy Initiative, Princeton E-ffiliates Partnership and University of Texas at Austin Energy Institute

“ExxonMobil has worked with Stanford to advance low-carbon technologies over the last 15 years, and we’re excited to be the first founding member of this new endeavour,” said Bruce March, president of the ExxonMobil Research and Engineering Company.

“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. We are continuously looking for ways to improve existing supply options and manufacturing processes while managing carbon intensity,” added March.