Pepsi Bottling Group has awarded Old Dominion University $980,000 in new scholarship funds through 2024.

Old Dominion will receive nearly quarter of the money -- $230,000 -- in 2018. Pepsi will give the University $150,000 annually throughout the remainder of their sponsorship contract.

The beverage company has partnered with Old Dominion University since 2009.

At his State of the University address in August 2017, President John R. Broderick announced Old Dominion's $250 million fundraising initiative. Pepsi's donation is the largest corporate gift to date for this fundraising initiative. The University wants to add academic and athletic scholarship funding to attract more talented students and help those who struggle to pay for college.

Broderick said a typical ODU student lacks about $1,700 per year in resources needed to pay tuition and fees. "Our commitment to students must extend to scholarships," he said. "We want to ensure deserving students who qualify can say, 'Yes,' rather than, 'No, I can't afford to go.' We need to do everything we can to ensure our students graduate and succeed."

Pepsi is one of Old Dominion's largest corporate sponsors. "We are grateful for their continued support, and proud of our ongoing private-public partnership," said Greg DuBois, vice president of finance and administration. Corporate sponsorships often help bridge the affordability gap between tuition and loans and/or out-of-pocket expenses.

"With nearly $1 million in new scholarship funds over the next six years, Pepsi Bottling Group will provide countless opportunities for students who might not otherwise have the chance to attend Old Dominion University," said Alonzo Brandon, vice president for university advancement.