Renewable energy firm Iberdrola has joined hands with MIT to advance technologies and policies that contribute to the energy transition and the fight against climate change.
The $10.3 million, five-year collaboration will support numerous efforts through the MIT Energy Initiative (MITEI) and related MIT initiatives.
MIT President L. Rafael Reif and Iberdrola Chairman and CEO Ignacio S. Galán
“Climate change and the policies created to address it have significant implications for businesses—it will fundamentally change products, services, and operating models,” says Iberdrola chairman and CEO Ignacio S. Galán.
“Strong industry collaborations are critical to achieving MIT’s vision for a clean energy future,” says Reif. “By pairing the excellence of MIT’s researchers with Iberdrola’s embrace of clean energy infrastructure, we have an exciting opportunity to make important contributions to address climate change. We look forward to working with our Iberdrola colleagues to identify critical solutions to this complex global challenge.”
Iberdrola will benefit from MIT’s advanced platform for research, development, and technological innovation to educate the workforce needed to build and operate tomorrow’s energy systems. The company also aims to achieve a competitive advantage by systematically improving its business performance and anticipating future market trends.
The agreement includes $5 million in funding to create the Iberdrola-AVANGRID professorship at MIT, dedicated to research and education in power systems engineering.
In addition to the professorship, Iberdrola is making a robust commitment to fund energy education opportunities for undergraduate and graduate students through MITEI.
The agreement also includes training for Iberdrola Group employees as well as fellowships and internships at Iberdrola worldwide operating companies for MIT energy engineering students.
Iberdrola will become a sustaining member of MITEI, committing $5 million over five years to advance key technologies and policies for addressing climate change.
Through the agreement, Iberdrola will also expand its support of the Center for Energy and Environmental Policy Research and will conduct sponsored research through the Joint Program on the Science and Policy of Global Change.
To support energy entrepreneurship, the company will provide $300,000 to the MIT Sandbox Innovation Fund Program, which connects MIT undergraduate and graduate students with tailored educational experiences and mentoring, and provides students with funding to start up innovative projects or entrepreneurial initiatives.