ABB has selected 40 research projects in the power and automation area at universities worldwide for funding.

The Switzerland-based firm has shortlisted the projects, which may shape the future of power and automation, from more than 500 proposals submitted by over 250 universities in 46 nations.

The grants typically range from $50,000 to $80,000 per year. The funding, which is initially for one year, will begin soon after the completion of the contractual formalities. ABB intends to support the projects over a longer period of time.

ABB chief technology officer Prith Banerjee stated that the company aims to establish a collaborative innovation environment with major research institutes across the world.

"We already have about 100 existing research collaborations with universities around the world, and we expect to fund 40-50 new ones each year," added Banerjee.

"We were looking in particular for projects that support our strategy, which is to develop power and automation technologies that save energy and improve people’s lives."

The company noted that one of the criteria for project selection was that how well submitted projects matched the 33 research topics specified by ABB and their potential for industrialization.

Through its ABB Research Grant program, the firm is supporting senior researchers and graduate students pursuing research projects in the power and automation area with industrial applications.