The Deal
January 27, 2020
By Claire Poole
GE, NRG, Conoco form joint venture
General Electric Co., NRG Energy Inc. and ConocoPhillips Co. said Thursday, Jan. 27, they've formed Energy Technology Ventures to invest $300 million in about 30 energy technology companies over the next four years. The companies didn't specify how much each will contribute to and own of the venture and a spokeswoman wouldn't comment. The venture's first investments are in solar developer Alta Devices Inc. of Santa Clara, Calif., clean coal developer Ciris Energy Inc. of Centennial, Colo., and nonfood biofuels developer CoolPlanetBioFuels of Camarillo, Calif. This is the first corporate venture investment program by NRG and ConocoPhillips. GE, through GE Energy Financial Services and GE Capital Equity, has invested in energy technology companies, including A123 Systems, Codexis Inc., Orion Energy Systems Inc. and China High Speed Transmission Equipment Group Co. Ltd. NRG has invested in solar, wind and nuclear projects and ConocoPhillips has invested with partners in demonstration and pilot projects in air energy storage, advanced biofuels and biomass. Kevin Skillern led the deal from GE, Clint Freeland from NRG and Richard Germain from ConocoPhillips. King & Spalding LLP's Kathryn Furman counseled GE while Kirkland & Ellis LLP's Chris Kallos advised ConocoPhillips and Kirkland & Ellis' Karen Sodke assisted NRG.
