Thursday, January 27, 2011

ConocoPhillips In Clean Energy Venture Fund Effort

Houston-based ConocoPhillips joined with GE and NRG Energy Thursday, saying that the three have created a joint venture to invest in emerging and innovative energy technology companies. According to the three companies, they have committed $300M in new capital to the new joint venture, Energy Technology Ventures, in a plan to fund approximately 30 venture- and growth-stage companies. The three said they have already invested in three companies, Alta Devices, Ciris Energy, and CoolPlanetBioFuels. Individual investment commitments by each of the firms was not announced. The three said the fund is a part of an effort to become the "premier investor and commercial collaboration partner" of energy technology startups.