GE's Ecomagination business posts growth
MANILA, Philippines - General Electric (GE) China announced that GE’s Ecomagination products and solutions have brought significant growth to GE’s business in China. In the first three quarters of 2009, GE Ecomagination revenues in China reached US$656 million — a 50-percent year-on-year increase from 2008 — which indicates strong confidence by Chinese customers in GE’s Ecomagination products and services.
GE Power and Water, Transportation and Aviation have contributed to Ecomagination’s strong growth in the first three quarters of 2009 through a series of deals. These businesses have finalized high-level deals with Chinese government bodies and enterprises in areas such as biogas solutions, wind power, clean coal technology, industrial emissions reduction, aircraft engines, locomotives and LED lighting for roadways.
In 2009, GE signed 20 MOUs with central and local government bodies and 10 MOUs with state-owned enterprises and Chinese universities, the majority of which focus on energy-efficient solutions. “Ecomagination is a perfect fit for China,” said Steve Fludder, GE vice president and head of Ecomagination. “GE is helping China enhance economic growth and environmental improvements at the same time. This is the essence of Ecomagination. We are honored to have such deep relationships with our Chinese customers and partners, where we are bringing our world-leading Ecomagination solutions to their operations. Ecomagination is good for their business, and it is good for GE shareholders.”
During United States President Barack Obama’s visit to China, GE and its local partners announced the signing of a series of agreements aimed at strengthening China’s clean energy, transportation infrastructure and green building capabilities contributing to unprecedented Sino-US environmental collaboration and China’s increased sustainable development goals for 2020 preceding the Copenhagen meeting. Mark Norbom, president and CEO of GE Greater China said, “GE China’s development is rooted in our commitment to localization, regionalization, collaboration and Ecomagination.”
Most recently, GE Energy and Shenhua Group Corporation announced a framework for an industrial coal gasification joint venture to combine GE’s expertise as the world leader in clean coal solutions, including gasification and cleaner power generation technologies, with Shenhua’s expertise in building and operating coal gasification and coal-fired power generation facilities.
Doubling investment in Ecomagination research and development is one of GE’s key Ecomagination commitments. GE has grown its research in cleaner technologies from US$700 million in 2005 to $1.5 billion by 2010. It has established broad partnerships with Chinese research-focused government bodies and enterprises. In addition, GE’s China Technology Center has forged close ties with local academic institutions to develop its clean environmental technologies in China.
