GE's Growing Ecomagination

Written By Brianna Panzica

Posted June 23, 2011

Green technology is proving to be an important innovation for many companies.

General Electric (NYSE: GE) and five other venture capital partners are planning a $63 million investment in 10 small green technology companies.

GE has partnered with Emerald Technology Ventures, Foundation Capital, Kleiner Perkins Caufield & Byers, RockPort Capital, and Carbon Trust to lift off their Ecomagination Challenge, a $200 million plan to aid green-tech advancements.

Kleiner Perkins Caufield & Byers has worked with top-notch companies such as Google (NASDAQ: GOOG), Amazon (NASDAQ: AMZN), and Intuit (NASDAQ: INTU).

This Ecomagination Challenge was started back in July of 2010 with its first phase consisting of offering support and investments to smart-grid and renewable energy companies.

The Challenge is now in phase 2, initiated in January, which targets home energy start-ups.

The investment of $63 million will go to the following 10 small home energy companies: Ember, GMZ Energy, Hara, Nuventix, On-Ramp Wireless, Project Frog, SunRun, Viridity Energy, VPhase, & WiTricity.

GE is devoted to its eco-revolution project, focusing numerous resources on various aspects of the project.

A $20 million investment is being planned for an Ecomagination Innovation Council, and coming soon GE and its partners want to start an Ecomagination Challenge exclusively for China.

$5 million will also go to a seed fund in Europe to offer assistance to green technology.

GE is also partnering with Best Buy (NYSE: BBY) to begin testing retail sales for several Ecomagination projects.

Designated Best Buy locations will sell a home energy control device by VPhase, as well as an air conditioning control device from Suntulit, a smaller company that received a grant from the program.

Ecomagination offered a total of 5 smaller companies grants of $100,000 each to aid in research and development.

Of the $200 million planned for Ecomagination, $134 million has already been invested.

Ecomagination provides investments supporting solar power and other renewable energy sources, communications and software, and energy efficiency.

That’s all for now,


Angel Publishing Investor Club Discord - Chat Now

Hydrogen Fuel Cells: The Downfall of Tesla?

Lithium has been the front-runner in the battery technology market for years, but that is all coming to an end. Elon Musk is against them, but Jeff Bezos is investing heavily in them. Hydrogen Fuel Cells will turn the battery market upside down and we've discovered a tiny company that is going to make it happen...

Sign up to receive your free report. After signing up, you'll begin receiving the Energy and Capital e-letter daily.