Three major American energy corporations – GE (NYSE: GE), NRG Energy, Inc. (NYSE: NRG)

and ConocoPhillips (NYSE: COP) – are joining forces to become the premier investor and

commercial collaboration partner for emerging and innovative energy technology

companies. The companies have committed $300 million in capital to the new joint venture,

Energy Technology Ventures, to fund approximately 30 venture- and growth-stage

companies over the next four years. The first investments are in companies developing

potentially game-changing technologies in solar photovoltaic (Alta Devices), cleaner coal

(Ciris Energy, Inc.) and non-food biofuels (CoolPlanetBioFuels).

The joint venture brings together three market-leading companies with complementary

capabilities and significant strategic interests in the development of next-generation energy

technology. This is the first corporate venture investment program by both NRG Energy –

owner and operator of one of the country’s largest and most diverse power generation

portfolios – and ConocoPhillips – the third-largest US integrated energy company. GE

Capital – through its business units GE Energy Financial Services and GE Capital, Equity –

is already among the world’s most active energy technology venture and growth capital


Energy Technology Ventures will invest in, and offer commercial collaboration opportunities

to, venture- and growth-stage energy technology companies in the renewable power

generation, smart grid, energy efficiency, oil, natural gas, coal and nuclear energy, emission

controls, water and biofuels sectors, primarily in North America, Europe and Israel. With

their wide range of deep technical and financial expertise, relationships, services and

products, the three companies behind Energy Technology Ventures intend to help start-ups

develop next-generation energy technology.

The joint venture’s initial investments are in:

  • • Alta Devices, Santa Clara, CA, improving the production economics of advanced

materials for high-efficiency, low-cost solar energy

  • • Ciris Energy, Inc., Centennial, CO, developing technology to biochemically convert

coal to methane at large scale and low cost. See

  • • CoolPlanetBioFuels, Camarillo, CA, developing technology that converts low-grade

biomass into high-grade fuel and carbon that can be sequestered. See

“Partnering with major energy companies such as NRG Energy and ConocoPhillips enables

us to pool our financial resources and technological expertise – along with our extensive


relationships – to provide more than money to emerging energy technology companies,”

said Kevin Skillern, a managing director and leader of venture capital at GE Energy

Financial Services. Added Mark Little, senior vice president of GE Global Research: “This

joint venture will build on our long history of innovation and expand our network of

collaborators to speed the invention, development and commercialization of new


GE Energy Financial Services’ venture capital team has invested about $200 million in 27

early- and growth-stage energy-related technology companies since January 2006. Four of

those companies have achieved successful initial public offerings: A123 Systems

(NASDAQ: AONE), Codexis (NASDAQ: CDXS), Orion Energy Systems (AMEX: OESX) and

China High Speed Transmission (HKSE: 658:HK).

NRG Energy has initiated a wide range of investments in emerging technologies in solar,

wind and nuclear power – including more than 2,000 megawatts of solar projects under

development or in construction – and has announced plans to electrify the transportation

infrastructure in Houston with the nation’s first privately funded, comprehensive electric

vehicle ecosystem.

“Together with GE and ConocoPhillips, we can make a tremendous impact nurturing the

most promising clean energy technologies our nation needs to excel in the 21st century

green economy and commercialize them in a meaningful way,” said Clint Freeland, NRG

Energy’s senior vice president, Financial Structure. “America’s greatest competitive

advantage will always be our people’s ability to innovate, and with only moderate capital

investments, we will unlock this innovation. Beyond investment, we hope to assist in the

commercial deployment at scale of the energy technologies developed by these

entrepreneurial companies.”

This new venture will serve as an additional platform for ConocoPhillips’ equity investments.

The company is investing with partners in the development of demonstration and pilot

projects that improve the potential of new technologies, including compressed air energy

storage, advanced biofuels and biomass, in addition to its activities in conventional energy

technologies. The company produces a high-quality electrode material for advanced Li-Ion

batteries under the CPreme brand.

“Technology innovation is essential in meeting the world’s growing energy demand, and an

important element of innovation involves an ability to provide energy at the size and scale

needed to satisfy demand,” said Richard E. Germain, ConocoPhillips’ manager, Alternative

Energy. “Through this partnership with leading energy companies like GE and NRG Energy,

ConocoPhillips will help innovative companies accelerate the commercialization of new

technologies and achieve the scale that benefits energy users, the economy and the



Additional financial details about the joint venture and its initial investments were not


The joint venture’s Website is:

About GE Energy Financial Services

GE Energy Financial Services’ experts invest globally with a long-term view, backed by the

best of GE’s technical know-how, financial strength and rigorous risk management, across

the capital spectrum, in one of the world’s most capital-intensive industries, energy. GE

Energy Financial Services helps its customers and GE grow through new investments,

strong partnerships and optimization of its $21 billion in assets. GE Energy Financial

Services is based in Stamford, Connecticut. For more information, visit

About GE Capital, Equity

GE Capital, Equity provides equity capital to support GE’s middle market private equity

sponsor and lending relationships, and to rapidly growing companies with differentiated

technology operating in GE’s core industries. Visit

About GE Capital

GE Capital offers consumers and businesses around the globe an array of financial

products and services. For more information, visit or follow company

news via Twitter (@GECapital). GE (NYSE: GE) is a diversified infrastructure, finance and

media company that is taking on the world’s toughest challenges. GE operates in more than

100 countries and employs about 300,000 people worldwide. For more information, visit

About NRG Energy, Inc.

NRG Energy, Inc., a Fortune 500 and S&P 500 Index company, owns and operates one of

the country’s largest and most diverse power generation portfolios. Headquartered in

Princeton, NJ, the Company’s power plants provide 25,000 megawatts of generation

capacity—enough to supply approximately 20 million homes. NRG’s retail businesses,

Reliant Energy and Green Mountain Energy Company, combined serve more than 1.8

million residential, business, commercial and industrial customers. With investments in

solar, wind and nuclear power, as well as electric vehicle infrastructure, NRG is working to

help America transition to a clean energy economy. More information is available at

About ConocoPhillips

ConocoPhillips is an integrated energy company with interests around the world.

Headquartered in Houston, the company had approximately 29,800 employees, $155 billion


of assets, and $184 billion of annualized revenues as of Sept. 30, 2010. For more

information, go to


Andy Katell, GE Energy Financial Services


Lori Neuman, NRG Energy, Inc.


Romelia Hinojosa, ConocoPhillips



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