Fairfield-based General Electric Co. said today it is joining an investment fund backed by the Japanese government meant to stimulate investment and development of technology in energy, the environment and health care.
GE is one of 16 private companies that are founding members of the Innovation Network Corp. of Japan (INCJ) created to help revitalize the nation’s industries during the credit crunch.
The Japanese government will provide $872 million in equity and $8.5 billion in loan guarantees as part of its latest stimulus package, while private corporations, including GE, will each invest $5.3 million.
Those funds will be used to promote innovation and to promote Japan’s advanced technology resources across a broad spectrum of companies, public entities, universities and research institutes.
Reader response:
“Wouldn’t you consider General Electric a public, not a private, company? When you use the word “private” the average person thinks it is not publically traded. GE is.” — TomÂ