MIT, BP to research clean coal technologies

London's BP (NYSE: BP) announced yesterday that it joined the Massachusetts Institute of Technology's Energy Initiative to research advanced conversion technologies.

BP said the program will explore the conversion of low-value carbon feedstocks such as petcoke and coal to high-value products such as electricity, liquid fuels and chemicals while cutting carbon dioxide emissions.

"This exciting partnership between MIT and BP epitomizes what the MIT Energy Initiative is designed to accomplish: the pairing of innovative MIT researchers across the entire campus with results-oriented scientists, engineers and planners in industry, working together to transform the world's energy marketplace," said MIT President Susan Hockfield.

With yesterday's announcement, BP becomes the inaugural founding member of the initiative, which was created by the school last year to address global energy issues.

BP said total funding for the program will be at least $5 million per year for five years.

"Conversion technologies will play a critical role in regional energy security and will provide access to clean energy sources in both the developed and developing world," said Bob Malone, chairman and president of BP America.

"The BP-MIT Advanced Conversion Research Project is a natural research extension to our successful executive development programs at MIT," said Malone.

BP said it spends approximately $50 million per year in its global university research program that includes long-term partnerships with universities and research institutions in the U.K., U.S., China and Russia, including its Projects Academy executive education program run by MIT.

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