GE pledges $10 million for clean technology innovation in Australia and New Zealand
- 22 August 2012
MELBOURNE: General Electric (GE) has announced a $10 million ecomagination Challenge to accelerate growth and commercialization of low carbon solutions in Australia and New Zealand.
In collaboration with five venture capital partners, GE is pledging $10 million to help bring breakthrough ideas for improving energy efficiency and cutting carbon to market.
Innovators, academics, businesses and backyard inventors from across Australia and New Zealand must submit low carbon solutions and technologies to enter the Challenge. GE and its Challenge partners will then pursue commercial relationships with the best entrants.
This is the first time the ecomagination Challenge is being held locally.
Steve Sargent, President and CEO, GE Australia & New Zealand commented: “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. 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.”
Award winners will be those with the most progressive ideas that represent entrepreneurship and innovation around technology, processes and business models.
Ben Waters, Director of ecomagination, GE Australia & New Zealand said: “We believe the transition to a low-carbon economy will drive significant growth in our market, ultimately spurring investment and opportunity for Australian and New Zealand businesses. There has been great Australasian innovation in clean technologies but the big challenge has been in bringing these to market. Through the ecomagination Challenge we’re looking to invest in local low-carbon technologies and work with local innovators to expand markets and growth opportunities through our networks, research capabilities and funding.”
The Australian Minister for Industry and Innovation, Greg Combet, welcomed GE’s announcement. He stated: "GE's ecomagination Challenge demonstrates that big business also recognizes the importance of innovation, not only to meet the needs of a low carbon future, but also as a way to improve business competitiveness and productivity."
Caroline Bayliss, Australia Director, The Climate Group adds: “GE’s $10 Million Challenge is an inspiring investment in the breakthrough energy efficiency and low carbon solutions of the future. Beyond its financial commitment, GE’s willingness to collaborate with the competition winners to bring innovative ideas to market, exemplifies the transformational role that the private sector can play in creating a cleaner, smarter, prosperous future.”
Video of announcement given by Steve Sargent, President & CEO of GE Australia and New Zealand