Stanford raises cash to create energy institute

Stanford University announced Monday it had raised $100 million to create a research center focused on combating global warming and developing cleaner sources of energy.

The Precourt Institute for Energy will focus on research related to improving energy efficiency, reducing greenhouse gas emissions, studying national energy policy and developing renewable power sources such as wind, solar and biomass.

The $100 million in new funding will bolster the $30 million the university already spends annually on energy research.

One of the institute’s goals is to help the world move to a “future where renewable energy is both economically competitive and environmentally friendly and becomes the energy source of choice,” Stanford President John L. Hennessy said. “Our success will impact millions if not billions of lives across our planet.”

The founding donors are Stanford alumnus and energy executive Jay Precourt and Thomas Steyer and his wife, Kat Taylor. Steyer is a Stanford trustee and managing partner of Farallon Capital Management.

The donors say that even in an economic downturn it is essential to direct more research dollars toward solving energy problems that affect crucial issues such as national security and climate change.

The Precourt Institute for Energy will be headed by Lynn Orr, a professor of energy resources engineering who has served as director of Stanford’s Global Climate and Energy Project, which will become part of the new research center.

The institute will bring together more than 130 faculty members working in 21 departments.