By Greentech Lead Team: General Electric (GE) will invest
millions of pounds in green businesses in a new joint venture with The Carbon
Trust.
GE’s UK division has initially set aside $5 million to
invest in European clean technology start-ups, but says it potentially has tens
of millions of dollars to plough into such companies if the initiative proves
successful, according to a report in independent.co.uk.
The incubator will initially offer about 20 early stage
companies – that have yet to make a profit and in some cases even their first
sale – between £100,000 and £250,000 to help get them off the ground, in return
for a stake in the business, said GE’s Tore Land.
The fund is looking for companies that can help make
Britain’s roads, transport system, buildings and other infrastructure function
in a more environmentally friendly way. This could be by controlling heating
and lighting more efficiently or through innovations around the smart grid –
the digitally controlled network that lies at the heart of the hoped-for energy
revolution.
“The European market for venture capital is
particularly poor at the moment. So these companies, which have huge
potential,” said Tom Delay, chief executive of the Carbon Trust, a body set up
by the government to help companies become greener.