Alternative energy technolgies, including biodiesel and ethanol, natural gas, smart grids, solar, and hydro power, will share in $300 million in capital from a new joint venture involving General Electric Co., ConocoPhilips and NRG Energy Inc.
This article from Bloomberg says the investment company, Energy Technology Ventures, will be backing about 30 startups over the next four years:
Collaborating with other major 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,” Kevin Skillern, managing director and leader of venture capital at GE Energy Financial Services, said in the statement.
The joint venture will focus on companies that are developing technology for renewable energy, smart grid, energy efficiency, oil, natural gas, coal, nuclear, emission controls, water and biofuels.
Some of the joint venture’s first investments will be with Alta Devices, a solar photovoltaic cell maker from California; Colorado-based coal-to-methane technology company Ciris Energy Inc.; and non-food biofuels developer CoolPlanetBiofuels from California.