The funding will support the MIT Energy Initiative, a collaborative effort of MIT and the energy giant to improve and expand renewable energy sources and find more efficient ways to produce and use conventional hydrocarbon resources. The collaboration is part of a larger, ongoing ExxonMobil effort to explore, in partnership with leading universities around the world, innovative early-stage energy projects. Among other things, the funds will enable MIT to establish ten fellowships a year to cover the costs and expenses of talented graduate engineering students as they pursue their selected areas of study and research.
"At MIT, we find that working closely with industry alerts us to real-world problems and opportunities for progress. There is simply no better way to ensure that our research has an impact in the world," said MIT president Rafael Reif. "That concept is at the heart of our long and successful relationship with ExxonMobil. In choosing to join MITEI, ExxonMobil is increasing the scope and breadth of our collaboration, demonstrating a strong commitment that intensifies our shared focus on inventing the future of energy technologies."