Global energy giant Royal Dutch Shell is to give the Massachusetts Institute of Technology (MIT) $25 million to research and develop high value, sustainable technologies to drive innovation in energy delivery.
The money, to be delivered in five annual payments of $5 million, will go to the MIT Energy Initiative, a program that conducts research aimed at transforming the way the world obtains and uses its energy.
Including the Shell donation, the program, which has been running for four years, has attracted more than $300 million for energy research and education at MIT. The biggest donation came in 2008 from Italian oil company Eni, which pledged $50 million to explore cheaper and more efficient solar power technologies.
In 2007, BP donated $25 million (later raised to $31 million), to reduce air pollution and capture carbon dioxide emissions in coal-fueled electricity generation.
The Shell funding will be used to pursue a number of advanced technologies, including the use of seismic data to explore underground oil and natural gas reservoirs.
Commenting on the donation, Gerald Schotman, Shell’s chief technology officer, said: “Both Shell and MIT are globally recognized innovation leaders. This collaboration accents Shell’s commitment to develop new technologies and drive innovative solutions to address the global energy challenge.
“Our collaboration with MIT will form another important building block in strengthening Shell’s global technology leadership.”
Susan Hockfield, president of MIT, said: “The lack of access to affordable energy poses a significant barrier to economic advancement around the globe. Together with the rapidly accelerating demand for energy, the need to develop environmentally sensitive and sustainable energy resources becomes increasingly acute. Our collaboration with Shell will drive energy innovations with the potential for significant, real-world impact.”
Shell will have the option to license technologies developed by MIT. Some of the university’s research will be made available to other energy companies.
Energy demand is expected to double as the world’s population grows by an estimated three billion people by 2050.
