Three Energy Companies Form Investment Firm

By Houston Business Journal

Houston energy giant ConocoPhillips, General Electric Co. and NRG Energy Inc. have committed $300 million to create an energy technology venture capital company.

Energy Technology Ventures will fund about 30 venture- and growth-stage companies over the next four years. It will primarily focus on 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.

The joint venture will be staffed by a team from Stamford, Conn.-based GE Capital, but the management team will consist of representatives from ConocoPhillips (NYSE: COP), GE (NYSE: GE) and Princeton, N.J.-based NRG Energy (NYSE: NRG), according to a ConocoPhillips spokeswoman.

The joint venture has already invested funds in Santa Clara, Calif.-based Alta Devices, Centennial, Colo.-based Ciris Energy Inc. and Camarillo, Calif.-based CoolPlanetBioFuels.

Click here to visit the Energy Technology Ventures website.

Copyright 2011 American City Business Journals

http://www.bizjournals.com/houston/news/2011/01/27/three-energy-companies-form-investment.html?ana=thestreet

Copyright bizjournals.com 2010

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