GE and Partners Commit $200 Million to Smart Grid Technology
Jul 14, 2010
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GE announced a $200 million "open innovation challenge" that seeks breakthrough ideas to facilitate a smarter, more efficient electric grid and accelerate new grid technologies.
"The Smart Grid is a new platform and a new market that is just beginning to be explored. Great ideas on how to do this can come from anywhere, so this competition is designed to tap the widest possible range of innovators, from big companies to entrepreneurs to students," said Chris Anderson, editor-in-chief, Wired magazine, who serves as an advisor on the program.
Proposals are sought in three, broad categories:
• Eco Homes/Eco Buildings
Select challenge entrants will be have the opportunity to develop a commercial relationship with GE which could include an investment from the $200 million capital pledge by GE and its partners.
The global challenge invites technologists, entrepreneurs, and start-ups to share their ideas at the ecomagination web site.
The “GE ecomagination Challenge: Powering the Grid” was unveiled by GE Chairman and CEO Jeff Immelt in San Francisco on July 13, 2010. The program was launched in collaboration with venture capital firms Emerald Technology Ventures, Foundation Capital, Kleiner Perkins Caufield & Byer, and RockPort Capital, as well as with Chris Anderson, editor-in-chief, Wired magazine.
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