01 October 2015, News Wires – Norwegian state player Statoil is pumping funds into researching alternative energy solutions in a collaboration deal with a compatriot university.
The agreement with the Norwegian University of Science & Technology (NTNU) will see Statoil plough Nkr5 million ($590,000) a year for four years into a joint programme to research future energy solutions.
The oil giant also retains an option to provide funding for another four years and has further set its sights on providing project funding linked to the initiative.
The whole programme will be covers by funding of Nkr50 million over the firm four-year period, with NTNU throwing in a similar amount as Statoil.
First on the agenda for the programme will be to track down an “internationally renowned researcher with relevant expertise” to run it from the NTNU’s Trondheim campus.
Statoil chief executive Eldar Saetre said: “Statoil’s ambition is to be a leader in shaping the future energy society. Development of new technologies and solutions through industrial cooperation and collaboration with the best research and development institutes in the world are a key factor in this.”
NTNU rector Gunnar Bovim added: “Norway has both opportunities and responsibility to help deal with this challenge through the production of more environmentally friendly energy. Collaboration with Statoil will help to strengthen the knowledge base for this production.”