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A new research institute focusing on the development of sustainable energy was launched Thursday in the U.S. state of Texas.

The Texas Institute for Sustainable Technology Research would focus on sustainable technology such as advanced electricity meters, founder Jonathan Shapiro told a press conference in Dallas, Texas.

The new institute would work to develop new ways to create reliable and affordable energy from renewable and traditional sources, with the hope of reducing carbon footprints for a long-term benefit, he said.

The institute would solicit smart grid projects from major companies all over the nation, and would work with local universities and companies to create solutions, said Shapiro, who has invested millions of dollars in the institute.

A number of universities across Texas have signed a memorandum of understanding with the institute to commit their talents to the focus of sustainable technologies, according to local media reports.