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GE, VC firms to back Australasia cleantech start-ups

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General Electric (GE) has teamed up with five venture capital firms in Australia and New Zealand on a $10 million fund that will support the development of clean technology. It is the company’s first ever local “ecoimagination” challenge and entries are welcomed from businesses, entrepreneurs, innovators and students with ideas for low carbon solutions and technologies.

The venture capital partners are Southern Cross Venture Partners, M.H. Carnegie & Co, Cleantech Ventures, CVC, and Greenhouse Cleantech.

"Australia and New Zealand have bipartisan national targets for renewable energy generation and greenhouse gas reduction, and are both strong markets for great technology that can compete on the world stage," said Steve Sargent, president and CEO of GE Australia & New Zealand. "So, we believe it's the right time and the right place for our ecomagination challenge to uncover and invest in technologies that will help us shift to a low carbon economy."

Submissions will be accepted between August 21 and November 30, with five winners announced in early 2013. GE will provide successful applicants with funding and support from its technical and commercial teams, as well as exploring partnership opportunities.

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