ConocoPhillips, GE, NRG form tech joint venture

ConocoPhillips, GE, and NRG Energy Inc. agreed to invest $300 million in a joint venture, Energy Technology Ventures, to finance 30 early-stage energy technology companies for 4 years.

By OGJ editors
HOUSTON, Jan. 28
-- ConocoPhillips, GE, and NRG Energy Inc. agreed to invest $300 million in a joint venture, Energy Technology Ventures, to finance 30 early-stage energy technology companies for 4 years.

The first investments are going to be made in companies developing solar photovoltaic, cleaner coal, and nonfood biofuels.

ETV plans to invest in technology involving renewable power generation, smart grid, energy efficiency, oil, natural gas, coal, and nuclear energy, emission controls, and biofuels. Planned investments primarily will be in the US, Canada, Europe, and Israel.

Richard E. Germain, alternative energy manager for ConocoPhillips, said the partnership will help innovative companies accelerate commercialization of new technologies considered to be essential in fulfilling the world’s growing energy demand.

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