As part of Tampa Electric's journey toward a cleaner, smarter energy future, the company will invest $5 million in the University of South Florida to fund research, education and innovation that aims to reduce carbon and improve the environment.
This commitment will further strengthen the longstanding relationship between the two local flagships and will help to build a resilient, healthy environment for future generations. The $5 million gift will come from shareholder funds.
In its effort to explore, research and develop emerging energy technologies that reduce carbon, Tampa Electric's investment will create an endowed fund to support the Clean Energy Research Center (CERC) in USF's College of Engineering. It is the largest single outright gift to the college.
"This partnership is a key pillar in our vision to achieve net-zero carbon emissions by 2050," said Archie Collins, president and chief executive officer of Tampa Electric. "We have made great progress: Carbon emissions today are half what they were in 2000, and our investment in solar power has reduced fuel costs by more than $100 million this year. But our vision of a net-zero future will not be an easy journey. The path will undoubtedly include emerging technologies and innovations. We feel a responsibility to help fund and spur that innovation, and what better partner than the talented team at USF."
As one of the nation's leading research universities, USF has a deep and capable pool of faculty and students who can share their expertise across a wide range of disciplines to help develop cutting-edge solutions.
"The university is committed to conducting high-impact research to help solve global problems and improve lives, and clean energy accomplishes both," said USF President Rhea Law. "We are grateful to Tampa Electric for their investment and this opportunity to collaborate on finding innovative solutions to reduce carbon emissions, find affordable clean energy alternatives and protect our beautiful Tampa Bay region."
Tampa Electric has a strong legacy of partnership with USF. The university has worked with TECO on other clean-energy solutions, such as carbon sequestration, electric vehicles, smart grid technology and solar array efficiency. One in 10 Tampa Electric employees attends or graduated from USF.
"Renewable energy resources provide substantial benefits to our society, economy and overall health through job development and creation, and reduced carbon emissions and pollution," said Robert H. Bishop, Dean of the USF College of Engineering. "The development of environmentally friendly, clean energy systems provides enormous benefits and opportunities to society through reduced dependence on non-renewal fuel sources and reduction of greenhouse gasses and air pollution."
"TECO has been a great partner for the Clean Energy Research Center for research on solar energy and student education," said CERC Director Yogi Goswami. "We appreciate TECO's commitment to the future of clean energy development and decarbonizing the power grid."
