The latest move by the Stanford University in the direction of its green technology efforts is its creation of a new $100 million energy institute on the campus. The extravagant endeavor aims at investigating alternative and sustainable sources of energy, with the help of new faculty and increased number of graduate students on board.

Expanding Stanford's vital role in energy research and national energy policy, the new facility - called the Precourt Institute for Energy - will undertake and strengthen the activities of the University's ongoing Global Climate & Energy Project (GCEP), which is already managing 40 initiatives directed towards slashing greenhouse gas emissions.

The institute's funding came in the form of several large amounts from alumni donors including - Jay Precourt, former chief executive of Hamilton Oil Company; Thomas Steyer, Stanford trustee; Steyer's wife, humanitarian Kat Taylor; Michael Ruffatto, president North American Power Group; and Douglas Kimmelman, Energy Capital Partners' associate.

At a news conference on Monday, Stanford President John Hennessy said: "These generous gifts will help us overcome the enormous challenges that we are facing in energy research. It will create an independent institute for researchers on campus and around the world."

According to Hennessy, the funds received are among the largest ever the university has ever received for supporting academic and research programs. The money will cater to 20 new interdisciplinary fellowships for graduate students, five new endowed professorships, some post-doctoral fellowships, seed grants for viable energy conversion research projects, and a $2 million competition for projects.