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Today in Munich GE launches a $200M venture fund for smart grid technology. Can this also help electrify Europe’s innovation machine?

Today in Munich, GE calls on European researchers and innovators: Pitch in your ideas to a €160 million open innovation challenge, and help build the electricity grids of the future.

Smart grids are the route to tapping solar and wind power, guaranteeing energy security, and delivering on the EU’s carbon emission targets. But can they be delivered?

With their promise of energy self-sufficiency and job creation, smart grids are seen as the next industry gold rush.

GE is joining four US VCs in putting up $200M for open innovation in electricity generation, transmission and use, to deliver the environmental promise of smart electricity grids.