GE has announced a US $200 million innovation contest that seeks ideas from the public to create a smarter, cleaner, more efficient electricity grid.

The challenge invites technologists, entrepreneurs and start-ups to share their best ideas on how to build grids that distribute energy with less waste and allow more renewables to be connected.

GE Chairman and CEO Jeff Immelt said he hoped the challenge would unleash a new wave of innovation.

“This challenge is about collaboration and we are inviting others to help accelerate progress in creating a cleaner, more efficient and economically viable grid.

We want to jump-start new ideas and deploy them on a scale that will modernise the electrical grid around the world."

Proposals are sought in three, broad categories: renewables, grid and eco homes.

GE will invest $200m in the most promising start-ups and help them scale up their technologies so they can bring them to markets around the world.

The contest, launched in collaboration with leading venture capital firms Emerald Technology Ventures, Foundation Capital, Kleiner Perkins Caufield and Byer and RockPort Capital, is part of GE’s ecomagination initiative, a global commitment to build innovative clean energy technologies.

The candidates will be evaluated by a committee including representatives from GE businesses and the venture capital firms.