BP announced today a partnership with the University and the University of California at Berkeley to develop a $500 million Energy Biosciences Institute. The announcement came during a national teleconference held locally at the Institute of Genomic Biology, 1206 W. Gregory Dr. The Energy Biosciences Institute will focus on research concerning cleaner sources of energy, specifically for vehicles.

The money will be invested over the next ten years with approximately ten percent dedicated to the University. The Urbana-Champaign campus was selected for being a leader in corn and soybean production.

Governors Rod R. Blagojevich and Arnold Schwarzenegger were among the live speakers from Berkeley, while Chancellor Richard Herman and Illinois First Lady Patricia Blagojevich were among those speaking in Champaign to a standing-room only crowd.

A worldwide competition began six months ago to win the bid from BP. The University beat out MIT, Purdue, University of California at San Diego, Iowa State and others for the project, said Herman at the press conference.

Robert Malone, chairman and president of BP America, said from California, “I’m pleased to announce our search is over.”