This week, project leaders are in London to give their formal presentation to BP, in hopes of gaining $500 million in grants for their institution.

Iowa State, the University of California-San Diego and the Venter Institute have worked together to compete for a research grant from BP to build a biosciences energy research laboratory.

The grant would fund research in biosciences and study environmentally-safe fuel for vehicles.

BP is planning to spend $500 million over the next 10 years to establish this laboratory, which would be the first of its kind in the world.

BP had previously decided on five finalists to compete for the grant, and proposals were submitted to BP at the end of November.

In Iowa State’s partnership with UCSD and the Venter Institute, UCSD took the lead in the project and was responsible for submitting the proposal, said ISU President Gregory Geoffroy.

“[The proposal] is in the hands of BP,” Geoffroy said. “We understand they plan to announce their decision by the end of the calendar year.”

Meanwhile, it has been made clear that the contract awarded to the U.S. Department of Energy’s Ames Laboratory last week is completely unrelated, although some of the work done there would be complimentary to the BP initiative.

The major difference between the Department of Energy’s contract and the BP research grant is that the Ames Lab will be funded by tax dollars to seek solutions to all types of energy-related problems, however, the BP biosciences energy research laboratory would be focusing on alternative fuels, and would be funded entirely by BP.

“The Ames Lab-DOE contract is something we’ve had on campus for probably six years, and the work done in the Ames Lab would be complimentary to the BP initiative, but the lab does a lot of other things that are completely unrelated,” Geoffroy said.

As for now, while BP is contemplating their final decision, there is nothing more that can be done.

“The proposal was submitted and nothing has really happened; we’re simply waiting,” said John Brighton, vice president of economic and research development.