Eco Imagination Challenge: GE rewards home efficiency innovators with $63 million
GE and its venture capital partners are investing $63 million in innovative home solar, communications, software and efficiency technologies as part of its ecomagination challenge.
This second phase of its £200 million ecomagination challenge will invest in ten new clean-tech technologies, including Manchester-based V Phase’s home energy control device.
The company’s technology aims to help customers save on their electricity bills by regulating voltage levels, which typically vary from 240 V to 245 V, to 220 V within the home.
A further five innovators will receive $100,000 each to advance their projects, including another UK company, E.quinox, a student-run initiative that brings cost-effective, renewable energy to developing countries through off-grid, stand-alone photovoltaic systems.
Following the first round of awards under the competition last November, GE had created 12 new partnerships. That now stands at 22 commercial partnerships and a total investment of $134 million. GE has even acquired one of the companies from the first phase, FMC-Tech, a smart grid technology enterprise.
“The Challenge is now an established platform at GE. Looking ahead, we’ll continue to accelerate growth through new partnerships and an additional commitment of $20 million to fund commercial pilots with innovators we have found through the Challenge,” says ecomagination vice president Mark Vachon.