GE Capital, NRG Energy and ConocoPhillips have formed a joint venture to invest in and partner with emerging and innovative energy technology firms.
The new entity, Energy Technology Ventures, will fund around 30 venture and growth-stage firms over the next four years.
The three companies have committed $300m to the venture and, to begin with, will invest in companies developing potentially game-changing technologies in solar photovoltaic (Alta Devices), cleaner coal (Ciris Energy) and non-food biofuel (CoolPlanetBioFuels) technologies.
The venture intends to help start-ups develop next-generation energy technology, GE Capital said in a statement.
Upcoming firms in sectors such as renewable power generation, smart grid, energy efficiency, oil, natural gas, coal and nuclear energy, emission controls, water and biofuels sectors can benefit from this venture.