NRG Energy has joined GE and ConocoPhillips in an investment partnership to develop alternative and renewable energy technologies.
The companies have committed $300 million to create Energy Technology Ventures and will, according to a statement by NRG, fund approximately 30 venture and growth-stage companies over the next four years.
The first investments are earmarked for Alta Devices in California, which is developing solar photovoltaic technologies; Ciris Energy in Colorado, which is looking into clean coal, and CoolPlanetBioFuels in California, which is researching non-food, plant-based fuel sources.
Energy Technology Ventures (www.energytechnologyventures.com) will invest in and offer commercial collaboration opportunities to companies in the renewable power generation, smart grid, energy efficiency, oil, natural gas, coal and nuclear energy, emission controls, water, and biofuels sectors, primarily in North America, Europe, and Israel, according to NRG.
#b#NRG Energy Inc. (NRG)#/b#, 211 Carnegie Center, Princeton 08540-6213; 609-524-4500; fax, 609-524-4501. David Crane, president and CEO. #b#www.nrgenergy.com#/b#