Last week, General Electric’s CEO Jeff Immelt announced in San Francisco the ecomagination Challenge: Powering the Grid, a $200 million pledge to find and fund breakthrough ideas to create a smarter, cleaner, more efficient electric grid, and accelerate the adoption of smart grid technologies. Funded by GE and some of the best-known venture capital firms, including Emerald Technology Ventures, Foundation Capital, KPCB and Rockport Capital, Powering the Grid is a call to action for businesses, entrepreneurs, innovators and students to come together to take on one of the world’s toughest challenges – building the next-generation power grid.

There are three categories for submission, with all proposals due by September 30, 2010:

Challenge 1: Create – Renewable Energy

What kinds of technologies or processes do you think will maximize the penetration of renewables into the grid?

Challenge 2: Connect – Grid Efficiency

How do we connect advanced power generation to a more intelligent and more efficient grid — that then connects with consumers?

Challenge 3: Use – EcoHomes/EcoBuildings

What new technologies, processes or business models can help consumers use energy more wisely and improve our energy balance?