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GE Puts Up $200 Million in Power Grid Idea Challenge |

GE Puts Up $200 Million in Power Grid Idea Challenge

| Wednesday, July 14, 2010 12:00 a.m

General Electric Co. called for entries in a 10-week contest to speed global power-grid upgrades, promising investment and marketing help for the best submissions from a $200 million fund.

CEO Jeffrey Immelt, is seeking ideas to tap into what the Electric Power Research Institute estimates is a $200 billion market for smart-grid technologies in the next decade. GE is spending about $10 billion on environmentally friendly products by 2015 through his five-year-old “ecomagination” program.

“We want to accelerate the process,” Immelt said Tuesday. “We want to make GE really the go-to brand both from a customer and entrepreneurial standpoint.”

GE is the world’s biggest maker of jet engines, locomotives and power-plant turbines.

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