Three U.S. Corporations Start Energy Technology Fund

(National Renewable Energy Laboratory)

Three American energy corporations –- General Electric Co. (GE), NRG Energy Inc., and ConocoPhillips -– have begun a joint venture that aims to fund emerging energy technology companies. The companies have committed $300 million to the collaboration, called Energy Technology Ventures, with plans to support some 30 venture- and growth-stage companies over the next four years.

The first investments are in companies developing technologies in solar photovoltaics, coal derivatives, and non-food biofuels:

Alta Devices, Santa Clara, California – A privately-held company improving the production economics of advanced materials for high-efficiency, low-cost solar energy

Ciris Energy, Inc., Centennial, Colorado – Technology to biochemically convert coal to methane at large scale and low cost.

CoolPlanetBioFuels, Camarillo, California – Technology that converts low-grade biomass into high-grade fuel and carbon that can be sequestered.

Energy Technology Ventures plans to invest in, and offer commercial collaboration opportunities to technology companies in the renewable power generation, smart grid, energy efficiency, oil, natural gas, coal and nuclear energy, emission controls, water and biofuels sectors. Further investments will likely be in North America, Europe and Israel.

GE Capital, GE’s finance arm in Stamford, Connecticut, has made numerous investments in clean technologies, but this is the first corporate investment program for NRG Energy and ConocoPhillips. NRG Energy in Princeton, New Jersey, owns power companies that serve 1.8 million customers, but also has investments in wind, solar, and nuclear energies. ConocoPhillips is an oil and gas producer in Houston, Texas, but with a number of alternative energy investments.

Read more: GE Plans $500 Million R&D Investment in China

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