GE, partners invest $63 million in 10 home energy technology companies
GE and its partners have invested or committed to invest $134 million in the home energy and power grid technology developers announced as winners of the challenge
New York City, June 22, 2011 — GE and its venture capital partners today announced that they will invest $63 million in 10 innovative home energy technology companies, marking the second round of funding as part of the $200 million GE ecomagination Challenge.
This phase of the challenge, "Powering Your Home," was launched in January as part of GE's effort to improve household energy efficiency through new technologies.
At present, GE and its partners have invested or committed to invest $134 million in the home energy and power grid technology developers announced as winners of the challenge. The challenge has also produced 22 new commercial partnerships and resulted in the acquisition of FMC-Tech, a smart grid technology from the first phase.
GE will commit this additional $20 million for scaling and commercializing ideas from the challenge through a new ecomagination Innovation Council. GE and its VC partners plan to launch a region-specific challenge in China later this year, as well as establishing a $5 million seed fund in Europe with Carbon Trust to provide support for early stage ideas that need assistance getting off the ground.
The $63 million in investments and commercial partnerships in phase two include 10 new concepts from consumer clean tech sectors including solar, communications and software, and building efficiency.
Ember, Boston, Mass. (Communications and software)
GMZ Energy, Waltham, Mass. (solar systems and services; co-investment with KPCB)
Hara, San Mateo, Calif. (Communications and software; co-investment with KPCB)
Nuventix, Austin, Texas (Building efficiency)
On-Ramp Wireless, San Diego, Calif. (Communications and software)
Project Frog, San Francisco, Calif. (Building efficiency; co-investment with RockPort Capital)
SunRun, San Francisco, Calif. (Residential solar systems and services; co-investment with Foundation Capital)
Viridity Energy, Conshohocken, Penn. (Communications and software)
VPhase, Manchester, U.K. (Building efficiency)
WiTricity, Watertown, Mass. (Communications and software)