(Hoboken, N.J. and Newark, N.J., November 28, 2017) – Public Service Enterprise Group has partnered with Stevens Institute of Technology to further support their commitments to energy innovation, public service and developing science engineering and math (STEM) talent for the future. A $1.5 million grant to Stevens from the PSEG Foundation will support two parallel objectives and areas of strong mutual interest: Energy Innovation and Public Service.
“Stevens is proud to partner with PSEG, one of New Jersey’s and the region’s most highly respected companies and recognized as a major contributor to improving the lives of citizens and the economic vitality of the region,” said Nariman Farvardin, president of Stevens. “This partnership will lay the foundation for a strengthened and even more significant long-term relationship between PSEG and Stevens to further address the challenging issues regarding meeting society’s most pressing energy needs.”
“Our partnership with Stevens is an example of how industries and universities can work together to advance one another’s missions,” said Ralph Izzo, chairman, president and CEO of PSEG. “PSEG is proud to support the development and enhancement of educational programs that inspire students to pursue their interests in sustainability. Companies like ours will look to the next generation of innovators to help with issues such as climate change and energy independence. That requires people with the knowledge, curiosity and creativity.”
The Energy Innovation track of this three-year initiative will focus on faculty and student research capabilities in two key areas: energy conversion and storage. The research objectives in these areas will aim to advance the understanding of and technologies associated with flexible photo electronics and with the development of sustainable fuels. The partnership also will amplify Stevens’ institutional research capabilities in the energy domain in a manner that is guided by and responsive to industry priorities and concerns.
Stevens is committed to invest in the partnership through new faculty positions, Ph.D. scholarships and undergraduate research scholarships. In addition, the acquisition of new technical instrumentation will significantly enhance research capabilities relevant to the energy topics proposed.
“The potential impact of this multifaceted research is enormous,” Dr. Farvardin said. “PSEG will continue to face existential challenges and opportunities in the years ahead as the energy industry faces disruptive forces. Through the collaborative efforts of this partnership, Stevens’ faculty will continue to pioneer high-impact research in strategic areas that are of significant consequence for the future of society.”
The Public Service track will focus on enhancing educational opportunities and cultural programing. The PSEG/Stevens partnership will increase participation in STEM education for underserved and economically disadvantaged youth by providing full-scholarships and related support for eligible students to participate in the WaterBotics summer camp experience for middle school students and Stevens’Pre-College Programs for high school students. These experiences will provide young students with a glimpse into college life and inspire them to pursue a STEM-focused college education.
Stevens and PSEG are dedicated to giving back to the community and making arts and cultural programming available to the citizens of Hoboken and the surrounding communities. The university expanded its public service offering during 2016-17 by launching OnStage at Stevens, a performing art series. As part of this initiative, PSEG will be the lead sponsor of OnStage at Stevens for the next three years.
The transformative partnership builds on a long-standing relationship between Stevens and PSEG. A generous PSEG Foundation granthelped fund the construction of Stevens’ SURE (SUstainable and REsilient) House and its entry in the U.S. Department of Energy Solar Decathlon. The SURE House won top honors in the 2015 international competition.
Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of $9.1 billion. Its operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power LLC, and PSEG Long Island. PSE&G is New Jersey’s oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state’s population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSEG Power LLC is an independent power producer that generates and sells electricity in the PJM, New York and New England wholesale power markets.
About Stevens Institute of Technology
Stevens Institute of Technology is a premier, private research university situated in Hoboken, New Jersey overlooking the Manhattan skyline. Since our founding in 1870, technological innovation has always been the hallmark and legacy of Stevens’ education and research. Within the university’s three schools and one college, 6,900 undergraduate and graduate students collaborate closely with faculty in an interdisciplinary, student-centric, entrepreneurial environment. A range of academic and research programming spanning business, computing, engineering, the arts and other fields actively advances the frontiers of science and leverages technology to confront our most pressing global challenges. The university is consistently ranked among the nation’s elite for return on tuition investment, career services and the mid-career salaries of alumni. Stevens is home to three national research centers of excellence as well as interdisciplinary research programs in artificial intelligence and cybersecurity; data science and information systems; complex systems and networks; financial systems and technologies; biomedical engineering, healthcare and life sciences; and resilience and sustainability. Stevens is currently in the midst of executing a 10-year strategic plan, The Future. Ours to Create, which is growing and transforming the university, further extending the Stevens legacy to create a forward-looking, far-reaching institution with global impact.