GE doubles cleantech venture investments to $50M annually

May 29, 2007 | Matt Marshall

GE Energy Financial Services, a unit of General Electric, will double its renewable energy investments by 2010, the company said.

As part of that effort, it will also double its venture capital investments into clean tech companies to $50 million annually from an earlier goal of $25 million.

See the company’s statement here.

Significantly, GE also said it has become one of the first financial institutions to disclose the greenhouse gas emissions from its power plant equity investments.

GE Energy Financial Services’ fastest growing business area is its worldwide investing in wind, solar, biomass and geothermal renewable energy.

The expanded investment target will increase the share of renewable energy assets in GE Energy Financial Services’ overall portfolio to nearly 20 percent, or $4 billion, by 2010, the company said.

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About the Author, Matt Marshall

Matt launched VentureBeat in September of 2006, with the realization that no one else was covering the entrepreneurial and tech innovation scene with the velocity or depth that he was. Prior to founding VentureBeat, he covered venture capital for the San Jose Mercury News from 2001 to 2006. In 2002, Matt was awarded "Journalist of the Year" by the Northern California Society of Professional Journalists. Prior to working at the Merc, he was a correspondent for the Wall Street Journal in Bonn, Germany from 1995 to 1998, and a writer for the Washington Post in 1994. Matt holds a PhD in Government and an MA in German and European Studies from Georgetown University. In addition to VentureBeat, Matt is also the Executive Producer of DEMO, the leading launchpad event for emerging technologies.