As the U.S. Secretary of Energy and hundreds of graduates and their families looked on, California Institute of Technology (Caltech) president Jean-Lou Chameau began today's commencement ceremony by announcing $30 million in gifts as the first phase of a proposed $90 million initiative for a new institute. The funds will go towards the creation of the Resnick Sustainability Institute at Caltech. The initial gift of $20 million was made by Stewart and Lynda Resnick, and an additional $10 million came from the Gordon and Betty Moore Matching Program. The plans include a second phase of funding to be initiated next year as part of a challenge grant. Ultimately, the endowment for the new institute will exceed $90 million.
The vision of the Resnick Sustainability Institute is to provide a path to sustainability by focusing on innovative science and engineering developments required for groundbreaking energy technologies. Such technologies may one day help solve our global energy and climate challenges. With the support of the Resnick Sustainability Institute, some of the brightest minds in the world will apply Caltech's unique approach to interdisciplinary research toward high-risk, high-return energy science and technology.
"I have enjoyed many conversations with Stewart and Lynda on exciting developments in science and technology and their potential for addressing many of our environmental and economic challenges," says Chameau. "This generous gift from the Resnicks reflects their extraordinary desire and courage to make a difference. With their support, we are poised to launch an initiative at Caltech that will herald a new era in energy research."
"We are passionately committed to finding alternative and sustainable energy solutions," say Stewart and Lynda Resnick. "We're making this investment because Caltech is truly one of America's greatest research universities, and we are confident that this new institute will develop the breakthrough technologies we need to address the daunting challenges of energy security, rapidly accelerating energy demand, and climate change."
The new institute will leverage prior grants from the Gordon and Betty Moore Foundation and work being done by Caltech researchers such as Harry Atwater, the Howard Hughes Professor and professor of applied physics and materials science, who leads Caltech's Energy Frontier Research Center, recently funded by the Department of Energy; and Harry Gray, the Arnold O. Beckman Professor of Chemistry, and Nate Lewis, the George L. Argyros Professor and professor of chemistry, who lead Caltech's Center for Chemical Innovation, funded by the National Science Foundation.
The Resnicks' existing relationship with Caltech includes Stewart Resnick's role as a member of the Board of Trustees. He is also chairman and, with his wife, Lynda, owner of Roll International Corporation, a private holding company he founded in 1962. The company has diverse interests including Paramount Citrus, Paramount Farming, and Paramount Farms, growers and processors of citrus, almonds, and pistachios; POM Wonderful, the largest grower of pomegranates and makers of POM Wonderful pomegranate juice; Teleflora, the floral-by-wire service; FIJI Water, a leading premium bottled-water brand; and Suterra, one of the largest biorational pest control providers in the world.
The Resnicks have a long history of giving to Los Angeles institutions, including a 2008 pledge of $55 million to the Los Angeles County Museum of Art.
The announcement of the gift was made during Chameau's opening remarks at Caltech's 115th annual commencement ceremony. This year's keynote speaker, Department of Energy Secretary Steven Chu, remarked that the timing of the gift announcement was especially appropriate, as it involved energy science and sustainability, two of his programmatic efforts at the energy department.