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Published on January 31st, 2011 | by Zachary Shahan

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GE, Conoco, NRG Put $300 Million More Towards Clean Energy



General Electric (GE) seems to be in the news almost everyday lately. The latest news regarding this cleantech leader is that it, ConocoPhilips and NRG Energy Inc. are putting $300 million into a joint venture investing in “next-generation energy technologies.”

Energy Technology Ventures is the name of the investment company. It will financially back approximately 30 startups in the next four years.

In addition to financial investment in these startups, it will also offer “commercial collaboration opportunities.”

Working in coordination with ConocoPhilips and NRG Energy, large energy companies, “enables us to pool our financial resources and technological expertise – - along with our extensive relationships — to provide more than money to emerging energy technology companies,” said Kevin Skillern, managing director and leader of venture capital at GE Energy Financial Services.

Energy Technology Ventures will mostly support companies in North America, Europe, and Israel.

What Will Energy Technology Ventures Focus On?

This joint venture is reportedly going to put its focus on companies working on renewable energy, smart grid, energy efficiency, biofuels, oil, natural gas, coal, nuclear, emission controls, and water technologies. Hmm, doesn’t leave much out.

Its first investments are officially in:

  • Alta Devices, Santa Clara, CA, improving the production economics of advanced materials for high-efficiency, low-cost solar energy.
  • Ciris Energy, Inc., Centennial, CO, developing technology to biochemically convert coal to methane at large scale and low cost.
  • CoolPlanetBiofuels, Camarillo, CA, developing technology that converts low-grade biomass into high-grade fuel and carbon that can be sequestered.
  • Related Stories:

    1. GE Hates US Energy Policy Too
    2. Green Sparks Fly as GE and GM Boost Energy Efficiency
    3. China Clean Tech Industry Gets $2 Billion More from GE

    Photo Credit: @mjb

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    About the Author

    is the director of CleanTechnica, the most popular cleantech-focused website in the world, and Planetsave, a world-leading green and science news site. He has been covering green news of various sorts since 2008, and he has been especially focused on solar energy, electric vehicles, and wind energy for the past four years or so. Aside from his work on CleanTechnica and Planetsave, he's the Network Manager for their parent organization – Important Media – and he's the Owner/Founder of Solar Love, EV Obsession, and Bikocity. To connect with Zach on some of your favorite social networks, go to ZacharyShahan.com and click on the relevant buttons.



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