Foxconn Technology Group is giving the University of Wisconsin–Madison $100 million to boost engineering and innovation research at the school, a move officials believe could have big implications on the state's technology industry.
Foxconn, a Taiwanese electronics manufacturer that makes products for companies like Apple and Amazon, announced Monday that it plans to invest $100 million to fund research at the University, while also creating the framework for a science and technology institute that will collaborate closely with the company’s facilities in southeast Wisconsin. Foxconn broke ground on its Mount Pleasant facility earlier this summer, which expects to cost $10 billion and employ up to 13,000 people.
“This is an historic moment, not only for the University of Wisconsin and for Foxconn, but I hope for the entire state of Wisconsin,” UW-Madison Chancellor Rebecca Blank said Monday.
Foxconn's $100 million gift will create a new interdisciplinary research center on the UW-Madison campus. The funds will also help launch the Foxconn Institute for Research in Science and Technology, or FIRST, which will be located on Foxconn's main campus in Mount Pleasant. The center will fund research for things like artificial intelligence, 8K resolution, 5G wireless technology and other tech innovations.
The new research centers are seen as mutually beneficial, as Foxconn will rely on the new facilities to teach and train its future workforce.
“At Foxconn, we see our role as not only being a major investor in Wisconsin, but also a long-term partner to the local community," Terry Gou, founder and CEO of Foxconn Technology Group, said in a statement. "This includes promoting a vibrant environment that nurtures and enables Wisconsin’s talented workforce, allowing them to tap the immense opportunities that Wisconn Valley has to offer."
As part of the agreement, UW–Madison plans to raise an additional $100 million as part of its larger $3.2 billion fundraising campaign.
