GE offers funding for power projects


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GE Smart Grid Innovation Fund invites entrepreneurs, researchers, and startups to advance renewable energy, microgrids, energy storage, and cybersecurity, cutting household waste and modernizing the power network from plant to home.

 

The Situation Explained

A GE and VC-backed program funding smart grid, microgrids, storage, and cybersecurity to improve energy efficiency.

  • 10-week open call for entrepreneurs and researchers
  • Focus on smart grid from plant to home
  • Targets microgrids, energy storage, cybersecurity
  • Includes renewables like wind and efficiency tech
  • Awards announced in November by GE and partners

 

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 to advance cleantech research across the sector. 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 for utilities, 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 solar integration projects.

"We want to make GE the go-to brand from both a customer and entrepreneurial standpoint," he said.

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