Having launched Ecomagination in May, 2005, GE expands Phase 2 of its Ecomagination Challenge with a $63 million investment in ten Home Energy Technology companies. This phase of the challenge, “Powering Your Home” started in January 2011 as part of GE’s commitment to improve household efficiency by scaling and commercializing the best new ideas through open innovation. This is a compelling example of how GE is being an EcoLeader among Fortune 500 companies, for they have long dispelled the NIH (Not Invented Here) syndrome that prevents other companies from innovating more rapidly in the Clean-tech Industry.
Ten (10) new concepts are included in the $63 million investments from consumer clean tech sectors in the areas of solar, communications & software and building efficiency. More information on each of the following companies is available at http://www.ecomagination.com/announcements:
- Ember, Boston, MA (communications & software)
- GMZ Energy, Waltham, MA (solar systems and services; co-investment with KPCB)
- Hara, San Mateo, CA (communications & software, co-investment with KPCB)
- Nuventix, Austin, TX (building efficiency)
- On-Ramp Wireless, San Diego, CA (communications & software)
- Project Frog, San Francisco, CA (building efficiency; co-investment with RockPort Capital)
- SunRun, San Francisco, CA (residential solar systems and services; co-investment with Foundation Capital)
- Viridity Energy, Conshohocken, PA (communications & software)
- VPhase, Manchester, UK (building efficiency)
- Witricity, Watertown, MA (communications & software)
Other Fortune 500 companies could learn much from GE’s innovation which has yielded a massive ROI by meeting or exceeding every ecomagination goal GE has set:
- $5 billion of clean-tech R&D;
- $85 billion in revenue from ecomagination products and solutions;
- 22% reduction in greenhouse gas emissions;
- 30% reduction in water use;
- $130 million in energy efficiency savings.
Do you have other examples about how other EcoLeaders have achieved a greener/greater environmental performance with an increase in their revenue/profit? Your comments are welcome.
© 2011 by Ed Valdez. All rights reserved.