Pohang University of Science and Technology said Thursday that they have created a presidential fellowship with the Japanese company Hitachi to assist students’ science research.

The $1.3 million scholarship will be available to students who will conduct research on medical equipment, the major field of study for school president Kim Yong-min.

The school noted that the scholarship was created from money left over from the president’s research fund from Hitachi and a donation from the company.

They said it is rare for a donor company to offer to let a professor keep leftover research funds and for a company to willingly agree with Kim to make the fund into a scholarship. 

The company also expected to facilitate future cooperation with POSTECH, they said.

Kim had been the professor of electrical engineering at the University of Washington since 1982, and became the POSTECH president last September. He conducted a 12-year research project on medical equipment at the University of Washington.

“I hope it will be helpful to students who are passionate about leading creative research, and that it will nurture them into people who are not afraid of failure,” said Kim.

POSTECH plans to offer scholarships and cover administrative and other expenses related to conducting research on medical equipment, starting with four students both at the undergraduate and graduate level this year, and more students until 2014.

By Lee Woo-young  (wylee@heraldcorp.com)