Bloomberg: The University of Texas, which made its fortune from oil, wants to make money in Crypto and AI

币界网报道:The University of Texas has begun leasing land for renewable energy, battery storage and cryptocurrency data centers, creating a revenue source that barely existed five years ago. Dozens of wind turbines and 800,000 solar panels cover land, as well as large cryptocurrency data centers, all on land managed by the University of Texas system, generating revenue for hundreds of thousands of students. The University of Texas has long relied on oil and gas resources in the Permian Basin and has a $47.5 billion endowment, ranking second among colleges and universities. In recent years, the University of Texas system has earned nearly $130 million last year by leasing land for wind, solar, battery storage and cryptocurrency data centers, five times more than 15 years ago and more than half of the scholarship funding for the Austin campus. In May, the University of Texas reached an agreement with Apex Clean Energy to lease 200,000 acres of land for wind and solar power generation, with customers including Meta and the U.S. Army. The University of Texas plans to increase revenue by tens of millions of dollars each year over the next few decades to support large AI data centers and carbon emission prevention and control projects. William Murphy Jr., CEO of University Lands, said the goal is to diversify revenues and have a long-term vision, with plans to last 30 to 50 years. Texas has a complex attitude toward renewable energy, and political factors may affect the advancement of projects, but the University of Texas can adjust its strategy according to the situation, including supporting natural gas projects. Oil and gas remain an important source of revenue, generating $15.8 billion in revenue over the past 15 years and more than $2 billion in annual revenue. Non-oil revenues are small but growing rapidly, and last November it announced that tuition would be waived for low-income undergraduates. The University of Texas has signed wind, solar, cryptocurrency mining and battery storage agreements with several energy companies, with non-oil revenue reaching a record $127 million. Land leasing for large data centers has become an important source of revenue to meet AI computing needs, and Texas has attracted attention. Murphy emphasized cautious progress to maximize revenue while retaining future potential.

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