Shell and the Massachusetts Institute of Technology (MIT) have signed an agreement to invest $25 million in the research and development of high value, sustainable technologies designed to drive innovation in energy delivery.
“This collaboration accents Shell’s commitment to develop new technologies and drive innovative solutions to address the global energy challenge,” said Gerald Schotman, chief technology officer, Royal Dutch Shell.
Beginning this year, the research collaboration will fund a suite of projects at $5 million per year for the coming five years. The projects will focus on advanced modeling, earth science, biofuels, nanotechnology and carbon management.
“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,” said Susan Hockfield, president, MIT.
The collaboration will focus on an array of existing and new oil and gas technologies, including next-generation applications in nanotechnology, biochemistry, electronics and computer modeling.
Other focus areas will include research into water treatment improvements, greater fuel efficiency, new solar energy applications and enhanced catalytic technology for advanced fuel cells and smart grids.
The partners aim to develop novel sensors to detect physical and chemical properties under extreme and remote conditions.
Shell companies have operations in over 100 countries with businesses including oil and gas exploration and production.
The partnership announcement was made Wednesday, Oct. 13.