GE and a group of venture capital firms have announced a $200 million challenge to encourage new and more efficient electric grid technologies.

 

The ecomagination challenge, launched by GE CEO Jeffrey Immelt in San Francisco this week, seeks proposals in the categories of renewables, smart grid and eco homes or buildings. 

 

GE is kicking in $100 million and its partners another $100 million between them.

But entrants will have just ten weeks to get their applications into the ecomagination.com website.

 

Immelt told GigaOm blogsite that the company is ready to work with partners straight away. 

 

GE says the challenge “invites technologists, entrepreneurs and start-ups to share their best ideas and come together to take on one of the world's toughest challenges - building the next-generation power grid to meet the needs of the 21st century.”

Said Immelt: “At GE we have invested broadly and deeply in digital energy solutions and see this as a substantial market for us, but we can’t do it alone.