Three energy giants merged interests by investing $300 million
in firms that demonstrate abilities with early-stage energy
according to the Houston Chronicle
General Electric (
), ConocoPhillips (
) and NRG Energy (
) committed to help fund 30 companies during the next four years.
Those companies are in North America, Israel and Europe, while the
industries are renewable power generation, smart grid technology,
energy efficiency, oil, natural gas, coal, nuclear energy,
emissions, water and biofuels.
"Ten years ago energy was getting just a fraction of that venture
capital, one-tenth of one percent," Kevin Skillern, the head of
venture capital investing at GE Energy Financial Services, told the
publication. "The statement these three companies joining together
makes is that there is a lot of opportunity for such investments
today. And it's not just a one- or two- year trend, it's a
The three partners will be granted minority equity stakes at the
same time the 30 firms will have a chance for collaboration on a
Skillem said the partnership was not going to focus on only one
kind of energy.
"And it's not just clean-tech we're talking about," Skillern said,
"but advancements in conventional energy technologies too."