November 19 2002
Stanford, Cos. to Work on Energy Project
Source:AP
ExxonMobil, General Electric and other major energy companies will contribute at least $175 million to a 10-year global energy and climate research project at Stanford University, according to a person familiar with the project.
ExxonMobil, the world's largest oil and gas company, will contribute $100 million to the project, which will allow Stanford scientists to investigate everything from hydrogen power to technologies aimed at reducing emissions of carbon dioxide, according to the source, who spoke on condition of anonymity.
Details of the Global Climate and Energy Project were scheduled to be announced Wednesday.
Other companies expected to finance the project, which
could receive as much as $225
million, are Schlumberger Limited, a New York-based oil
services and technology
company, and E.On AG, a German power company.
The university would say only that a news conference was
planned Wednesday to unveil
"an unprecedented collaboration between the scientific
and engineering community and global corporations to address the need for
new technologies that meet the energy and
environmental demands of a growing world population."
A Stanford spokeswoman refused to discuss the project in detail.
A spokesman for General Electric said a "major" announcement
would be made Wednesday, although he refused to give specifics. ExxonMobil
did not return calls
seeking comment.
The energy and climate project would not be the first
link between Stanford and
ExxonMobil. In September, ExxonMobil elected to its board
Henry A. McKinnel,
chairman of the Advisory Council at Stanford's graduate
school of business. Michael
Boskin, an economics professor at Stanford, is also on
ExxonMobil's board.
