Seven venture capitals including GE and Sequoia Capital CITIC Capital set up a $ 100 million fund

On September 29, GE of the United States announced that it will cooperate with Beiya Asia Private Equity Fund, CITIC Capital Holdings Co., Ltd., China General Technology (Group) Holdings, Macdon Capital, Northern Light Venture Capital, Sequoia Capital and Shanghai Technology Investment Corporation. The venture capital institutions jointly set up a US $ 100 million fund to support the “Green Challenge” open clean energy innovation competition initiated by GE, and to promote the commercialization of clean energy innovation technologies.

It is reported that the "Green Challenge" campaign aims to solicit and fund breakthrough clean energy ideas. The first phase will focus on the solicitation of gas energy technology innovation. This phase of the campaign will continue until April 2012. The winners will receive cash rewards, opportunities to work in GE R & D institutions, and even equity investments from GE and partners. After this, GE and its investment partners will consider whether to extend the activity theme to other clean energy technology areas.

GE Chairman and CEO Jeff Immelt (Jeff Immelt) said that he hopes to find good technologies through these activities and integrate these technologies into GE ’s technology portfolio. Ownership, coupled with product application, will soon bring a return on investment. There are also investments that are less relevant to GE products, and GE will help them go public.

As part of the "Green Ideas" strategy launched in 2005, GE took the lead in launching the "Green Challenge" in the United States in July 2010. To date, nearly 5,000 technology innovation projects have participated, and have contributed to GE, investment partners and participants A total of 134 million US dollars in business cooperation agreements or equity investment agreements. In the United States, the first phase of the "Green Challenge" event focuses on grid technology, and in the second phase, participants are invited to submit relevant innovations in home energy management systems.

The first phase of GE ’s “green challenge” in China focused on gas energy technology innovation, partly because according to China ’s “Twelfth Five-Year Plan”, China plans to increase the proportion of natural gas in energy production and consumption structure from the current 4 by 2015 % Doubled, which brings huge market development potential. In addition to natural gas, the gas energy defined in this “green challenge” also includes coal bed methane, coke oven gas, smelting tail gas, straw gas, carbon black gas, refining tail gas, coal seam underground gasification gas, kerogen shale gas, petroleum gas, and gas. Lost oil associated gas, etc.

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