GE, NRG, ConocoPhillips in $300m alternative energy alliance

January 31, 2011

Three major American energy corporations – GE (NYSE: GE), NRG Energy, Inc. (NYSE: NRG) and ConocoPhillips (NYSE: COP) – are teaming up to invest $300 million in emerging alternative energy technologies.

The companies have committed the capital to a new joint venture, Energy Technology Ventures, to fund approximately 30 venture- and growth-stage companies over the next four years.

Among the first investments by the venture will be companies developing “potentially game-changing” technologies in solar photovoltaic (Alta Devices) and non-food biofuels (CoolPlanetBioFuels).

The alliance is the first 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.

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.

The joint venture’s initial renewable energy investments are in Alta Devices of Santa Clara, California, a company working to improve the production economics of advanced materials for high-efficiency, low-cost solar energy; and, CoolPlanetBioFuels of Camarillo, California, which is developing technology that converts low-grade biomass into high-grade fuel and carbon that can be sequestered.

“Partnering with major energy companies such as NRG Energy and ConocoPhillips enables us to pool our financial resources and technological expertise – along with our extensive relationships – to provide more than money to emerging energy technology companies,” said Kevin Skillern, a managing director and leader of venture capital at GE Energy Financial Services.

Mark Little, senior vice president of GE Global Research, said: “This joint venture will build on our long history of innovation and expand our network of collaborators to speed the invention, development and commercialization of new technologies.”

Clint Freeland, NRG Energy’s senior vice president, Financial Structure, said: “America’s greatest competitive advantage will always be our people’s ability to innovate, and with only moderate capital investments, we will unlock this innovation. Beyond investment, we hope to assist in the commercial deployment at scale of the energy technologies developed by these entrepreneurial companies.”

Additional financial details about the joint venture and its initial investments were not disclosed.

Add your comments

http://www.greenenergyinsiders.com/ Maxie Coale
Leave it to the private sector to help push renewables and contribute to our energy independence. It really will be the business leaders who will give the green energy industry the kick it needs: http://greenenergyinsiders.com/?p=416
http://blog.cleantechies.com/2011/05/30/top-ten-big-oil-company-green-initiatives-in-cleantech/ Top Ten Big Oil Company Green Initiatives in Cleantech | CleanTechies Blog – CleanTechies.com
[...] GE and NRG in 2011 for $300 Million Alternative Energy Alliance. At the start of 2011, oil company ConocoPhillips partnered with NRG and HE to invest $300 million in various emerging technologies for…. The money was committed to the joint venture known as Energy Technology Ventures and will fund an [...]