GE, Conoco, NRG Commit $300 Million to Venture to Support Clean Energy

General Electric Co., ConocoPhilips and NRG Energy Inc. have committed $300 million in capital to a joint venture that will invest in emerging energy technology companies.

The investment company, Energy Technology Ventures, will back about 30 startups over the next four years, they said in a joint statement today.

Collaborating with other major energy companies “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,” Kevin Skillern, managing director and leader of venture capital at GE Energy Financial Services, said in the statement.

The joint venture will focus on companies that are developing technology for renewable energy, smart grid, energy efficiency, oil, natural gas, coal, nuclear, emission controls, water and biofuels.

Energy Technology Ventures’ first investments are in Santa Clara, California-based solar photovoltaic cell maker Alta Devices; Centennial, Colorado-based coal-to-methane technology company Ciris Energy Inc. and CoolPlanetBiofuels, a Camarillo, California-based non-food biofuels developer, according to the statement. It did not say how much money it has provided to them.

To contact the reporter on this story: Ehren Goossens in New York at egoossens1@bloomberg.net.

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net.

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