GE teams up with venture capitalists for $200 million 'smart energy' fund

General Electric CEO Jeffrey R. Immelt talks about GE... (Maria J. Avila Lopez, Mercury News)

Green Energy
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SAN FRANCISCO — General Electric on Tuesday announced the creation of a $200 million clean-energy contest to stimulate innovation, and also unveiled a sleek electric vehicle charging station that it hopes will sprout along city streets like parking meters.

GE, one of the world's biggest companies, with a large stake in the electricity industry, touted what it called the "GE ecomagination challenge" in an event that also featured venture capital firms that are teaming up on the project, which will promote production of clean energy and energy efficiency.

GE Chairman and CEO Jeff Immelt said the goal is to marry the entrepreneurial creativity of the venture capital community with GE's ability to deploy systems on a global scale.

While GE has "invested broadly and deeply" in energy research and development, Immelt said, the new fund is needed "to jump-start" innovation. "We can get things going with massive distribution," he said. "We have 50,000 sales people and 50,000 engineers."

Entrepreneurs, technologists and startups from throughout the world are invited to submit entries for the challenge fund via www.ecomagination.com. Over a 10-week period, GE and participating venture capitalists will evaluate candidates for funding as well as a "potential commercial relationship" with GE. The company said it would include "leading academics and technologists" in selecting winners.
By Scott Duke Harris Posted: 07/13/2010 11:09:00 AM PDT


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