The stock of Exxon Mobil Corporation (NYSE:XOM) closed at $83.75 losing 0.69% in yesterday’s trading session. This company has made an announcement disclosing that it intends to strike an alliance with two Singapore universities. The goal will be to open a Singapore Energy Center in 2019.
That will see the partnering parties focus on new discoveries and and major improvements to technologies that could enhance energy efficiency; improve energy production, as well as other energy efforts to mitigate the risk of climate change.
ExxonMobil recently signed a memorandum of understanding with the National University of Singapore and Nanyang Technological University. That made it become a founder member of the proposed center.
It goes without saying that the advancement of technology and human ingenuity are crucial aspects to the expansion of the fuel supplies and products that improve standards of living and drive economies around the globe.
The president of ExxonMobil Engineering and Research Company, Bruce March, opined, “With the rapidly growing demand for sustainable, low-carbon energy options in Asia Pacific markets, the importance of increasing our research and development capacity in the region to explore emerging technologies that could eventually help meet this demand has never been greater.”
ExxonMobil as a founding member will is expected to support the center’s diverse early-stage research projects. Company scientists and researchers will also collaborate with faculty and students at the two universities. Also, a number of the industry contributors might be a part of it once the center opens.
Quacquarelli Symonds has ranked National University of Singapore and Nanyang Technological University as the top two universities in Asia. They have also been classified as the top research institutions which will be co-leading the Singapore Energy Center. The two universities have plans underway to invite over a number of the industry leading companies to join the center with the aim of fostering interdisciplinary research collaborations between industry and academia.
The tripartite partnership will be looking into breaking new grounds in clean energy and clean energy as it moves ahead to synergize industry expertise with academic excellence.