NEW YORK (AP) — General Electric Co., NRG Energy Inc. and ConocoPhillips are forming a new joint venture and have committed $300 million to develop new energy technologies.
The companies said Thursday they're aiming for the new joint venture, Energy Technology Ventures, to fund about 30 companies over the next four years. The first investments will be made in companies that produce solar cells, cleaner coal technologies and biofuels.
This is the first corporate tie-up for NRG Energy, one of the country's largest utilities and ConocoPhillips, the third-largest US integrated oil and gas company. GE Capital, through its business units GE Energy Financial Services and GE Capital Equity, already invests in a wide range of technologies and projects.
Energy Technology Ventures will invest in technology companies mostly in North America, Europe and Israel.