This content is from: Innovation

GE, Conoco, NRG Form $300M Tech Venture

General Electric, oil company ConocoPhilips, and power plant operator, NRG Energy will together invest in early-stage energy technology companies.

General Electric, oil company ConocoPhilips, and power plant operator, NRG Energy will together invest in early-stage energy technology companies, The Wall Street Journal reports. The companies will form a joint venture, Energy Technology Ventures.

The new company will invest about $300 million in clean technology companies, including Alta Devices, Ciris Energy and CoolPlanetBioFuels over the next four years. The joint venture will take minority equity positions in about 30 companies, primarily in North America, Europe and Israel.

Click here for the story from The Wall Street Journal.

Click here for the additional coverage from Bloomberg.

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