Society

Chinese tycoon to donate $10m to US university

(chinadaily.com.cn)
Updated: 2011-01-26 10:09

Winston Chung, a Chinese battery technology scientist, inventor and entrepreneur, has expressed his intent to donate $10 million to the Bourns College of Engineering, University of California, Riverside, to support its clean energy research, an announcement on the university's website said on Monday.

Chung and UC Riverside Chancellor Timothy P. White on Monday signed a memorandum of understanding that will lead to the gift, which will make Chung the largest individual donor to the campus in UC Riverside history.

Chung is the founder of Winston Global Energy Limited, based in Shenzhen, South China's Guangdong province, and inventor of the rare earth lithium yttrium battery.

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The university will create an endowed fund in Chung's name and name the building currently known as Engineering Building II as Winston Chung Hall and establish the Winston Chung Global Energy Center within the Center for Environmental Research & Technology (CE-CERT). The center will initially focus on Life Source Rare Earth Lithium batteries, which Chung invented, bio-inspired technology and the development of clean energy and energy storage.

Since arriving in the United States, Winston Global Energy Ltd. announced it will provide $310 million to MVP RV, Inc., which is based in Riverside, to promote motorhome exports to China. Additional money will fund development of all-electric RVs and fast-charging electrical systems.

The deal was one of about 70 between the US and China announced in connection with the official state visit by Chinese President Hu Jintao earlier this month, in what was called a demonstration of cooperation between the two countries.

MVP RV expects to export more than 30,000 motorhomes, valued at approximately $5 billion, to China over the next three to four years. The joint venture will push the number jobs at MVP RV from 130 to more than 1,400.

According to the website of Winston Global Energy Limited, it is a private joint-stock company with registered capital of 130 million yuan, and currently the company has over 33 billion yuan in total assets.

Chinese inventor and businessman Winston Chung (C) takes a tour at a lab in the College of Engineering-Center for Environmental Research and Technology. [Photo/ucr.edu]