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General Electric

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NRG Energy

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(COP) - Get ConocoPhillips Report

are teaming up to form a joint venture that will support budding clean energy technology companies.

The three energy heavyweights have committed $300 million in capital to the new enterprise, Energy Technology Ventures, to provide funding to 30 start-up and growth-stage energy technology companies primarily in North America, Europe and Israel, over the next four years.

"Together with GE and ConocoPhillips, we can make a tremendous impact nurturing the most promising clean energy technologies our nation needs to excel in the 21st century green economy and commercialize them in a meaningful way," said Clint Freeland, a senior vice president at NRG Energy, Thursday -- just two days after President Barak Obama set out his goal to have 80% of the country's electricity come from clean energy sources by 2035 in his

State of the Union address.

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"Beyond investment, we hope to assist in the commercial deployment at scale of the energy technologies developed by these entrepreneurial companies," Freeland added.

Kevin Skillern, leader of venture capital at GE Energy Financial Services, said the partnership allows the companies to pool not only their financial resources but also their technological knowledge.

Initial investments of undisclosed amounts have already been allotted to Alta Devices, a Santa Clara, Calif.-based solar cell company, cleaner coal technology company Ciris Energy in Centennial, Colo. and CoolPlanetBioFuels, a Camarillo, Calif.-based company that focuses on developing biofuels from non-food sources.


Written by Melinda Peer in New York


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