Three major American energy corporations – GE, NRG Energy, Inc. and ConocoPhillips are joining forces to become the premier investor and commercial collaboration partner for emerging and innovative energy technology companies. The companies have committed $300 million in capital to the new joint venture, Energy Technology Ventures, to fund approximately 30 venture- and growth-stage companies over the next four years. The first investments are in companies developing potentially game-changing technologies in solar photovoltaic (Alta Devices), cleaner coal (Ciris Energy, Inc.) and non-food biofuels (CoolPlanetBioFuels).
The joint venture brings together three market-leading companies with complementary capabilities and significant strategic interests in the development of next-generation energy technology. This is the first corporate venture investment program by both NRG Energy – owner and operator of one of the country's largest and most diverse power generation portfolios – and ConocoPhillips – the third-largest US integrated energy company. GE Capital – through its business units GE Energy Financial Services and GE Capital, Equity – is already among the world’s most active energy technology venture and growth capital investors.
Energy Technology Ventures will invest in, and offer commercial collaboration opportunities to, venture- and growth-stage energy technology companies in the renewable power generation, smart grid, energy efficiency, oil, natural gas, coal and nuclear energy, emission controls, water and biofuels sectors, primarily in North America, Europe and Israel. With their wide range of deep technical and financial expertise, relationships, services and products, the three companies behind Energy Technology Ventures intend to help start-ups develop next-generation energy technology.
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