General Electric, in partnership with venture capital firms Emerald Technology Ventures, Foundation Capital, Kleiner Perkins Caufield & Byers and RockPort Capital have announced a $200 million innovation challenge. The challenge asks technologists, entrepreneurs and startups to share their best ideas for an electric power grid that will meet the needs of the 21st century. The challenge, announced on July 13, 2010, is named as “GE ecomagination Challenge: Powering the Grid.”
The challenge, open immediately at Ecomagination Website is reportedly one of the largest of challenges ever announced.
The goals are to find ways to reduce the carbon footprint during electricity generation, optimize the flow of energy through distribution systems to minimize power losses and use energy more efficiently through better designed buildings and in other ways.
GE is already offering digital energy grids and wants to make it a comprehensive one by working with ideas generated globally. By accelerating the development of a cleaner, more efficient and economically viable grid through collaboration, GE hopes to “jump-start new ideas and deploy them on a scale that will modernize the electrical grid around the world.”
The fund of $200 million will be invested globally into promising startups and ideas. GE will also help the entrants in other ways. Read the news release at MarketWatch.
Tags: cleaner energy generation, digital electricity grids, energy efficiency, power transmission losses
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