GE’s low carbon challenge offers access to $10 million fund
Monday, November 26, 2012/
Start-ups have until Friday to enter GE’s ecoimagination Challenge for low carbon solutions, which, in addition to prize money, will see entrants gain access to a $10 million investment fund.
GE’s ecoimagination Challenge: Low Carbon Solutions, hosted by GE Australia and New Zealand, is seeking breakthrough ideas for reducing our carbon footprint.
The competition, launched in collaboration with Australian and New Zealand venture capital firms, is part of GE’s ecoimaginaiton initiative.
This initiative is a global commitment to build innovative clean energy technologies. GE will fund the most promising ideas.
The competition is open to businesses, entrepreneurs, innovators and students across Australia and New Zealand. Submissions must be made before 5pm this Friday, November 30.
It will provide each of five winning entrants with a $100,000 cash innovation award.
Entries will be evaluated based on merit, reliance on science and engineering fundamentals, innovative character, and commercial feasibility in light of applicable market dynamics.
Selected entrants may also be offered the opportunity to develop a commercial relationship with GE through avenues including investment, validation, distribution, development and growth.
The investment “avenue” is a GE capital pledge of up to $10 million, leveraged by complementary investment from GE’s partners, to be invested into promising entrants.
GE is looking to discover globally applicable, breakthrough technologies, products and services across five broad categories. They are as follows:
1. Clean energy generation
Renewable and low-carbon generation technologies including solar, wind, hydro, wave, tidal, geothermal, biomass, cogeneration, clean coal, and carbon capture and storage.
2. Network efficiency
Technologies which improve energy grid or network efficiency and reduce carbon emissions, including energy storage, smart meters, smart grid, and network enhancements.
3. Low-carbon transport fuels
Alternative fuels technologies for transportation including electrification, natural gas and biofuels.
4. Low carbon products
Novel products whose use results in a demonstrable reduction in carbon emissions including vehicles, appliances, motors, lighting products and enabling technologies.
5. Low carbon services
Novel services, business models or ICT solutions which generate a demonstrable reduction in carbon emissions.