General Electric stands to be a major beneficiary of clean energy developments throughout the world in the next generation. The corporate giant has promised to invest $450 million in wind turbine technology and infrastructure in Europe alone. GE is also developing EV charging stations, monitoring systems and other accessories intended to ease the transition to all-electric transportation. The latest green power initiative by GE is the ecomagination Challenge that kicked off last week. GE is looking for great ideas about clean energy from business owners and tinkerers alike. Â
The ecomagination Challenge is a $200 million initiative by GE to attract innovative ideas for renewable energy generation, smart grid technology and eco-building design. GE is collaborating with green power financiers like RockPort Capital and Emerald Technology Ventures to fund this project. The Challenge website allows any individual over the age of 18 or business to submit unlimited proposals in the three aforementioned categories. The first phase of the Challenge is a 10-week online submission process. Each proposal will be available for public review and comment. The best ideas will be reviewed by a panel of venture capitalists, technical experts and GE representatives.
This panel will award five $100,000 innovation awards to the most promising entries. These award winners gain access to a variety of resources available through GE research centers. The $200 million ecomagination Challenge fund will be mobilized on behalf of chosen technologies. GE and its financial partners have promised assistance to award winners in developing business strategies and product releases. Each award winner can turn a proposal into a working product with the help of GE Global Research Centers. The company has also noted that all five winners gain access to millions of customers worldwide who are loyal to the GE brand.
The GE ecomagination Challenge uses the corporation’s size and financial wherewithal to stay on the cutting edge of clean energy development. The most interesting aspect of the Challenge might be the transparency of the submission process to the public. GE and its partners are allowing everyone to comment on specific proposals and vote on their favorite ideas. The final decision about the five award winners will no doubt keep in mind insights from customers. The Challenge is a great way for consumers interested in green transportation infrastructure to make their voices heard.
