DETROIT (AP) - The University of Michigan is set to receive $27 million from a Chinese investment firm to aid in the institution's driverless vehicle and robotics research.
The university's President Mark Schlissel and Vice President for Research S. Jack Hu signed a memorandum of understanding on Saturday in Shenzhen, China, with Frontt Capital Management Ltd.
The funding will establish a joint research center at the university and assist the construction of a previously announced robotics laboratory and garage. It'll also provide engineering service and consulting fees for university researchers to advise the firm on design of an autonomous vehicle test facility in Shenzhen.
Schlissel said in a statement that the firm's investment will help advance mobility across the world.
Officials say they expect the investments to be made over five years, but a starting time hasn't been finalized.
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