GE Capital, the investment arm of GE, NRG Energy and ConocoPhillips, one of the leading integrated energy companies in the world, are forming a joint venture in order to invest and become collaborative partners for companies working on emerging clean energy technologies. The three companies have set aside an initial USD 300 million for the joint venture, called Energy Technology Ventures. The funding will be used for investments in 30 venture and growth stage companies, over the next four year period. First benficiaries of the new joint venture's investment round are in companies involved in "potentially game-changing" technologies in the fields of solar energy (PV) – Alta Devices (advanced materials, higher efficiency), cleaner coal technology – Ciris Energy (biochemical conversion of coal to methane at large scale), and biofuels produced from non-food biomass crops/stock – CoolPlanetBiofuels (low-grade biomass to high-grade fuel conversion).

NRG Energy and ConocoPhillips are new to corporate ventures, while GE Capital has accumulated significant experience in this area over the past years, becoming one of the world's most active energy technology venture and capital investors. Energy Technology Ventures will offer commercial collaboration to venture and growth stage energy technology companies involved in various fields such as renewable energy, smart grid, energy efficiency, oil, natural gas, coal, nuclear, emission controls, water, biofuels. Geographically, the company will concentrate its investment and collaboration efforts at companies in North America, Europe and Israel.

[source: GE, image: CoolPlanetBiofuels]