The University of Wyoming announced a $15 million donation from the Hess Corporation on Thursday, further establishing the company as the university's leading corporate sponsor.
Gov. Matt Mead, UW President Dick McGinity and the company's CEO John Hess announced the agreement Thursday in Laramie.
The $15 million donation includes $5 million for the High Bay Research Facility, a new university engineering building slated to open in the fall of 2016.
The facility will contain almost 100,000 square feet of lab space, some of which will be devoted to energy research related to unconventional oil and gas extraction.
Hess' donation also includes $5 million to support sponsored research in the facility and $4.5 million for equipment and technology for the facility.
In addition, the company is contributing $500,000 for laboratory performance development. And the state will contribute $14.5 million through the state matching program, according to the release.
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News of the donation comes after the company gave the university $5 million in 2013 to support research and buy equipment for the Hess Digital Rock Physics Laboratory.
The lab does proprietary research for the company related to the unconventional recovery of gas and oil.
“Hess Corporation has once again demonstrated an unwavering commitment to UW’s energy mission with the announcement of this historic partnership,” said McGinity, according to the press release.
“The Hess investment provides faculty and students with state-of-the-art facilities and equipment that allows them to study critical energy issues that will have an impact on the university, the industry and the state."
Even though the company was recognized as the university's leading corporate sponsor on Thursday, it has held that title for a while.
Hess was the university's leading corporate sponsor even before the latest donation having contributed $10 million, said Jim Kearns, a spokesperson for the university.
Encana, another energy company, is next, having contributed $7 million.