General Electric Co. (NYSE: GE) is out touting its new initiative for smarter power usage, which is from the power grid to plug-in electric vehicles, and a home energy command center. More importantly, it is starting a $200 million venture fund (and for awards) that will be used to fund and partner with start-ups and new companies with new ideas in the field. GE’s Jeff Immelt gave us the focus on batteries as one of the greatest opportunities for GE ahead in our exclusive interview at GE’s annual meeting. This furthers that push.
The $200 million is focused toward the clean-tech researchers, entrepreneurs and start-ups on a global basis that have some of the best ideas to transform creating, connecting, and using power. Yes, this is an Ecomagination initiative.
The move is part of GE’s clean technology showcase, which also included two new smart grid product launches and what the company called “a host of innovations that are either deployed or in the pipeline.”
GE WattStation was debuted to help accelerate the adoption of plug-in electric vehicles, which is meant to significantly cut the time needed for charging and also is meant to allow utilities to better manage the impact on local and regional grids.
GE also unveiled Nucleus, the company’s home energy command center. This is only size of a cell phone, and helps as being the hub of device communication that takes place between smart meters, smart appliances, and the household computer or smartphone.
$200 million for a venture fund is not likely to make a huge dent in the nation’s power troubles nor will it make a huge impact in the near-term for GE’s top-line or bottom-line numbers. What this will do for the company is assure that GE at least has a shot of owning stakes and shares in many emerging cleantech power companies that will potentially be IPOs down the road or allow GE to profit from the power savings initiatives.
JON C. OGG
