Several energy company giants have proposed a new joint venture to invest in companies that are developing new energy technologies. The investors are ConocoPhilips, General Electric and NRG Energy. Together they will invest three hundred million dollars in capital in the joint venture.

The group's investment company will be called Energy Technology Ventures. ETV will financially back around thirty startups over a four year period.

The focus of the joint venture will be to back companies developing renewable energy technologies. Priorities will be investing in companies involved in energy efficiency, smart grid, coal, nuclear, natural gas, oil, water, biofuels and emission controls.

San Diego joint venture attorneys noted that the first investments by Energy Technology Ventures included Alta Devices, a Santa Clara, California, solar photovoltaic cell maker. They also are backing CoolPlanetBiofuels, a Camarillo, California, non-food biofuels developer.

Other companies backed include Ciris Energy Inc., which focuses on coal-to-methane technology.

Energy Technology Ventures' statements have not revealed how much money the joint venture has invested in each company.

General Electric Energy Financial Services' managing director and leader of venture capital, Kevin Skiller, said that the joint venture "enables [the investing companies] to pool our financial resources and technological expertise - along with our extensive relationships - to provide more than money to emerging energy technology companies."

Source: Bloomberg "GE, Conoco, NRG Commit $300 Million to Venture to Support Clean Energy" 1/27/2011