GE Leads $200 Million Smart Grid Challenge

GE and four venture capital companies unveiled a $200 million innovation challenge for ideas to improve and accelerate a smarter and more efficient electrical grid. The challenge is open to ideas from individuals or teams in business or other sectors.

The ideas sought from challenge participants cover three broad themes …

• Renewable energy
• Grid efficiency
• Eco-homes and buildings

Participants submit their ideas — multiple submissions are allowed — through the challenge Web site keyed to one of the three themes. The deadline for submissions is 30 September 2010. Between now and 30 September, the public can view and vote on the submitted proposals, while evaluation teams from GE, its partners, academia, and government review the entries.

During October and November, GE will announce those entrants with whom the company wants to pursue a commercial relationship, as well as any agreements. GE will also award five challenge participants awards of $100,000 each for what the company considers “outstanding entrepreneurship and innovation.” The entry receiving the most public votes will receive a $50,000 award.

The venture capital partners to GE are Emerald Technology Ventures, Foundation Capital, Kleiner Perkins Caufield & Byer, and RockPort Capital.