Published on January 31st, 2011 | by Zachary Shahan1
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.
Photo Credit: @mjb