ECO-GE CHALLENGES CHINA
GE and Investment Firm Partners Commit $100 Million Launching Ecomagination Challenge in China
October 7, 2011 (GE)
"Ecomagination Challenge is part of GE's commitment to drive global energy transformation through continued investment in innovation and partnerships. First launched in the US in 2010, GE's Ecomagination Challenge is an innovation experiment where businesses, entrepreneurs, innovators and students shared their ideas on how to revolutionize the energy industry. In the US, GE has so far focused the Ecomagination Challenge on smart grid and home energy technologies…"
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Ecomagination Challenge in China "will focus on gas-powered energy applications in its initial phase, which runs through next April. Winners will be entitled to cash awards, opportunities to work at GE's R&D facilities in China and possible equity investments in their ventures. GE and its investment firm partners [Baird Capital Partners Asia, CITIC Capital, Genertec Investment, Milestone Capital, Northern Light Venture Capital, Sequoia Capital and Shanghai Science and Technology Investment Corporation] will consider expanding the theme into other energy technology sectors afterwards…The deadline for submission of ideas is December 31, 2011…[W]inners of all prizes and equity investments will be announced in April, 2012…"