Georgia Tech and Hyundai Motor Company formally announced a new 20-year partnership on Tuesday that will see Bobby Dodd Stadium at Grant Field renamed Bobby Dodd Stadium at Hyundai Field.
In addition, there is a separate partnership agreement for additional sponsorships involving Georgia Tech athletics that sources tell JOL will reach as high as $70 million per the life of the agreement.
Hyundai is building an EV and battery plant in Georgia and this is part of a significant push the company is making in the Peach State.
“Like Georgia Tech, Hyundai is a global brand that is synonymous with quality, innovation, and a commitment to advancing technology to make a positive difference in the world. The more we have gotten to know each other, the more obvious the alignment of our values has become,” Georgia Tech President Ángel Cabrera said in a statement. “I am grateful for the transformative investments Hyundai is making in our state, and I am proud that the Hyundai brand will feature prominently on our campus. I look forward to working with Hyundai leaders to deepen our partnership as we work to develop exceptional leaders and produce new ideas that will shape the automotive industry and advance mobility in the future.”
The partnership will align Hyundai with Georgia Tech and allow the company visibility including the athletic partnership with the Institute as well as pathways for students to seek employment and other opportunities with Hyundai.
“Georgia Tech is known around the world for having some of the best and brightest graduates as well as a storied athletics program,” said José Muñoz, president and global COO of Hyundai Motor Company, and president and CEO of Hyundai and Genesis Motor North America in a statement. “Proximity to institutions like Georgia Tech was one of the many reasons Hyundai selected Georgia for our new EV manufacturing facility. We are thrilled to expand our relationship with Georgia Tech, which will include opportunities for student professional development and cooperative work programs in addition to athletic engagements.”
Tech athletic director J Batt has been looking for ways to increase funding for the athletic program to make the Jackets more competitive with their peers and this is a creative method to bring in money while helping a company gain more exposure in the area.
“Georgia Tech Athletics is proud to partner with Hyundai as it invests in Georgia Tech and the state of Georgia. This partnership will be truly transformative for Georgia Tech Athletics, both now and for years to come,” said J Batt, director of Athletics at Georgia Tech in a statement. “I want to express our sincere appreciation to José Muñoz and his team for their genuine interest in aligning with Georgia Tech. We are thrilled to join forces with Hyundai and look forward to a long-lasting, mutually beneficial partnership.”
In the school release, several bullet points mentioned the benefits for the Jackets' athletic program and school.
· A vital pathway for Georgia Tech to meet its stated goal of expanding its stature as a leading research entity in the electrification of the automotive industry through its world-class hydrogen research.
· An opportunity for Georgia Tech to more broadly contribute to the state of Georgia’s commitment as a hub for the production of electric vehicles.
· New revenue for Georgia Tech Athletics, which, within the ever-changing landscape of intercollegiate athletics, will be vital in providing student-athletes and teams with the resources needed to compete at the highest levels, both athletically and academically. The new revenue will also allow Georgia Tech Athletics to continue to provide Tech students, alumni, and fans with a world-class experience as supporters of the Yellow Jackets.
