HANOVER, N.H. -- New Brunswick businessman Arthur Irving is giving $80 million to an Ivy League university to help launch an energy institute that will bear his name.

Dartmouth College in Hanover, N.H., is aiming to raise a total of $160 million for the Arthur L. Irving Institute for Energy and Society.

Dartmouth President Phil Hanlon says the institute will advance the understanding of the energy field, driving change in the sustainable production, supply and use of energy.

The school says new research initiatives and programs will include nearly every academic department in an integrated, cross-disciplinary approach to energy issues.

Dartmouth has already received $33 million in donations, bringing the total funds raised to $113 million.

It's slated to open in 2020.