First published in Cleantech magazine, February 2011. Copyright Cleantech Investor 2011
Joint venture: Energy Technology Ventures
Manager: General Electric, NRG Energy and ConocoPhillips
Stage: Launch
US energy giants NRG Energy, ConocoPhillips and General Electric have formed a new joint venture for the funding of next generation energy technology, Energy Technology Ventures (ETV). With resources totalling $300 million, ETV seeks to fund around 30 venture and growth-stage businesses over a four year period.
Potential recipients of backing from the joint venture will typically be active in the technology areas of renewable power generation, smart grid, energy efficiency, oil, natural gas, coal and nuclear energy, emission controls, water and biofuels. The geographic focus will be North America, Europe and Israel.
Initial investments are: Alta Devices, a solar photovoltaics developer, Ciris Energy, a business developing cleaner coal, and CoolPlanetBioFuels, which evelops biofuels from non-food based feedstocks - all based in the US.
GE has already backed the three companies. Alta, a California-based company, is developing photovoltaic cells expected to have a conversion efficiency of up 30% and a module cost of less than $0.50 per watt. Colorado-based Ciris Energy raised $23.9 million in Series B funding at the start of January from GE, alongside other investors including Braemar Energy Ventures, Khosla Ventures and Rho Capital Partners. The company is developing biochemical conversion technology to produce natural gas from coal. Ciris, which cliams its technology is more cost effective than traditional treatments and can convert low grades of coal into high quality methane gas, is hoping to raise a further $15.8 million. GE joined a $8 million funding round for CoolPlanetBioFuels in November last year. CoolPlanetBioFuels has developed a thermal mechanical process to convert cellulose-based biomass, such as grass and woodchips, into liquid fuels and biochar.
“This joint venture will build on our long history of innovation and expand our network of collaborators to speed the invention, development and commercialisation of new technologies,” said Mark Little, senior vice president of GE Global Research.
“Together with GE and ConocoPhillips, we can make a tremendous impact nurturing the most promising clean energy technologies our nation needs to excel in the 21st century green economy and commercialise them in a meaningful way,” said Clint Freeland, NRG Energy’s senior vice president, Financial Structure.
Richard E. Germain, ConocoPhillips’ manager, Alternative Energy, added, “Technology innovation is essential in meeting the world’s growing energy demand, and an important element of innovation involves an ability to provide energy at the size and scale needed to satisfy demand.”
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