ExxonMobil has stated it will invest $15m as a leadership member of the University of Texas (UT) at Austin Energy Institute to research technologies to meet rising energy demand.
The joint research will study transformational energy advancements, such as integrating renewable energy sources into the current supply mix and enhancing traditional energy sources in ways to both improve efficiency and reduce effects on water, air, and climate.
Current research projects include a wide range of new technologies, renewable energy, battery technologies, and power grid modelling.
ExxonMobil's upstream research company president Sara Ortwein said: “The University of Texas at Austin has extensive experience and expertise in identifying innovative energy technologies.
“Our scientists and engineers look forward to collaborating with UT’s faculty and students through the Energy Institute to develop breakthrough technologies that can help reduce emissions.”
In addition, the US company will expand its collaboration with UT’s Gulf Coast Carbon Center, a multidisciplinary group that has worked on geological sequestration of CO² since 1998.
This research will be in line with ExxonMobil’s new partnership with US-based FuelCell Energy to use carbonate fuel cell technology to increase the affordability of carbon capture from power plants fuelled by natural gas.