GE offers funding for power projects
- General Electric Co. said that it will pledge $200 million to fund new research and development projects meant to create a more energy efficient and environmentally friendly power grid.
GE and four venture capital firms will solicit ideas from entrepreneurs, researchers and startups over the next 10 weeks. Awards from the competition will be announced in November.
The fund will focus on smart-grid technology designed to improve the nation's energy network from the power plant to the home. That includes using alternative energies like wind power and developing new products that cut down on energy waste in houses.
GE has made a big push into the sector, which CEO Jeffrey Immelt estimated is worth up to $20 billion but could grow to $120 billion by 2020. GE makes wind turbines, power plant equipment, home appliances, light bulbs and other energy generating and consuming products.
Immelt said GE and its partners will look for projects that could include smaller microgrids for neighborhoods, energy storage systems and cybersecurity projects.
"We want to make GE the go-to brand from both a customer and entrepreneurial standpoint," he said.
A website to collect ideas had more than 10 shortly after its launch. They included using energy generated by subway trains to light stations and instant soda chilling devices to replace vending machines that remain on all the time.
Related News
Ontario Energy Board prohibiting electricity shutoffs during latest stay-at-home order
TORONTO - With Ontario now into the third province-wide lockdown, the Ontario Energy Board (OEB) has promised residents won't have to worry about their power being shut off.
On April 8, the Province issued the third stay-at-home order in the last 13 months which is scheduled to last for 28 days until at least May 6.
On April 30, the annual winter disconnection ban is set to expire, meaning electricity distributors would normally be permitted to issue disconnection notices for non-payment as early as 14 days before the end of the ban.
However, the OEB has announced it is prohibiting electricity distributors from…
