GE, NRG, COP to Invest in Clean Energy

General Electric, NRG Energy, and ConocoPhillips Thursday announced plans to form a joint venture that will invest $300 million in new energy development.

The energy technology entity, to be called Energy Technology Ventures, will power three initial projects. One investment will go to the Santa Clara, Calif.-based solar plant Alta Devices to improve production economics. Another project with Ciris Energy will focus on cleaner coal technologies, and the third collaboration with CoolPlanetBioFuels will promote biomass conversion technology, RTT News reports.

The new joint venture will invest in about 30 growth-stage clean energy companies over the next four years.

It marks the first joint venture for utility company NRG Energy and oil and gas company ConocoPhilips. GE has invested $200 million in 27 companies since 2007.

The corporate tie-up will focus on companies based in North America, Europe, and Israel.

GE was at $20.02 in midmorning trading on the NYSE Thursday, while NRG was at $21.19 and COP was at $69.42, according to RTT.

Categorized | Energy & Fuels
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