GREEN BIZ, January 14, 2009
Stanford University is establishing a $100 million research institute to focus on energy issues and work toward development of more affordable and efficient ways to capture the power of the sun and store, deliver and use energy in addition to reducing greenhouse gas emissions.
University President John Hennessy announced the launch of the Precourt Institute of Energy.
The three lead donors whose contributions are financing the creation of the institute are Stanford alums. Energy executive Jay Precourt, the namesake of the new institute, donated $50 million, and university trustee and managing partner of Farallon Capital Management Thomas Steyer and spouse Kat Taylor gave $40 million.
The balance was contributed by Douglas Kimmelman, senior partner of Energy Capital Partners, Michael Ruffatto, president of North American Power Group Ltd., and the Schmidt Family Foundation.
The institute will embrace the university’s Global Climate and Energy Project, The Precourt Energy Efficiency Institute, which was founded in 2006, and the new TomKat Center for Sustainable Energy, which is to be established with the couple’s gift.
Lynn Orr has been named the director of the new institute. A professor in energy resources engineering, he previously was director of Stanford’s Global Climate and Energy Project.