Switzerland-based ABB is providing financial support to 40 research projects in power and automation from universities across the world.
The company has shortlisted projects from over 500 proposals submitted by more than 250 universities in 46 countries.
ABB said the grants will be between $50,000 and $80,000 per year, with funding initially for one year. The firm intends to support the projects over a longer period of time.
With its ABB Research Grant programme, the company aims to support senior researchers and graduate students who are pursuing power and automation research projects that have industrial applications.
ABB chief technology officer Prith Banerjee said the firm intends to establish a collaborative innovation environment with major research institutes across the world.
"We already have about 100 existing research collaborations with universities around the world, and we expect to fund 40-50 new ones each year," Banerjee said.
"We were looking in particular for projects that support our strategy, which is to develop power and automation technologies that save energy and improve people's lives."
ABB noted that one of the criteria for project selection was how well submitted projects matched the 33 research topics specified by the company, and their potential for industrialisation.
Funding for the selected projects is scheduled to begin soon after the completion of contractual formalities.