GE commits $150M for stake in Oil, Gas venture

The deal is GE's first investment in a floating oil and gas production facility, the company said. The industrial giant will invest $150 million to own a 49 percent limited partnership stake and the Houston-based ATP Oil & Gas Co will hold the remaining 51 percent, GE announced Friday.

"Our partnership with GE Energy Financial Services, especially in today's troubled economic times, will ensure continued production of much-needed domestic oil and natural gas, and will allow ATP to maintain our development program," said T. Paul Bulmahn, Chairman and CEO of ATP in a statement.

General Electric, the biggest maker of wind turbines in the U.S., has also invested in 16 green technology companies over the past two and a half years in the amounts of $150 million, Steve Fludder, Vice President, of GE's Ecomagination unit told at the Cleantech Forum this week, according to earth2tech.com.

The company has an eco-friendly unit called Ecomagination dedicated to developing "green energy." In 2007 GE invested $1.1 billion in cleaner technology research and development, the unit reports on its website.