MADISON, WI – Foxconn said it will invest $100 million in engineering and innovation research at the University of Wisconsin-Madison, according to reports.

The university also plans to raise $100 million as part of the agreement.

Foxconn CEO Terry Gou and UW-Madison Chancellor Rebecca Blank signed an agreement, calling for the creation of a collaborative science and technology institute. The deal is expected to generate potential Foxconn interns and employees.

The Foxconn Institute for Research in Science and Technology will be located on the Racine campus, providing research and development initiatives in medical science, materials science, computer and data-driven science, say reports. It will also have a presence in Madison.

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