Exxon Mobil Corp. and Bank of America will become the first members of the Stanford Strategic Energy Alliance, a new collaboration that will study ways to improve energy efficiencies and technologies while reducing greenhouse gas emissions.
The alliance will pair industry members with Stanford professors over common research objectives regarding science, engineering, policy and business.
"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," Bruce March, president of the ExxonMobil Research and Engineering Company, said in a March 1 news release.
Over five years, Exxon will earmark $20 million in funding for research and development. Bank of America will contribute $7.5 million to the program.
"Deploying capital and finding new approaches to drive to a lower-carbon energy future is an economic imperative," Bank of America Vice Chairman Anne Finucane said in a March 1 news release.
Stanford's Precourt Institute for Energy, which will manage the program, is reportedly in talks with other major companies to join the alliance.
Exxon works with about 80 universities in the U.S., Europe and Asia to explore next-generation energy technologies, including members of MIT Energy Initiative, Princeton E-ffiliates Partnership and the University of Texas at Austin Energy Institute.
Since 2007, Bank of America has directed more than $87 billion in low-carbon, sustainable financing, including solar, wind, hydro, geothermal, advanced biofuels and energy efficiency.