GE’s ecomagination Reaches $105 Billion in Revenue
Published on Thursday, 28 June 2012 15:18 Written by TradersHuddle StaffFAIRFIELD, Conn.-( Business Wire )-
GE (NYSE: GE) today released its 2011 ecomagination progress report, announcing that the initiative has reached more than $105 billion in sales and services since its launch in 2005. For the year, GE generated $21 billion in revenues from ecomagination products and services and invested more than $2 billion in research and development, continuing progress toward the company’s goal of a $10 billion cumulative investment from 2010 to 2015.
Thirty four new products and services were added to the ecomagination portfolio in 2011, including:
- The FlexEfficiency* 50 Combined Cycle Power Plant, a first-of-its-kind power plant engineered to deliver a new standard for flexibility and efficiency. The technology enables the integration of power from a variety of sources, including solar and wind.
- The Waukesha 275GL+ natural gas engine, which produces lower greenhouse gas emissions relative to comparable natural gas engines. In one application, a 16V Waukesha 275GL+ engine operating at the same horsepower as a competitive engine can avoid more than 1,900 metric tons of CO2 emissions per year, equivalent to the annual CO2 emissions of more than 380 cars on U.S. roads.
- GE’s RailEdge Movement Planner® software technology that helps railroad customers move freight faster and smarter. In one example, a customer increased average train velocity in a segment of its network by 10 percent. If used throughout the network, it could help avoid the consumption of 37 million gallons of diesel fuel per year, equivalent to the annual CO2 emissions of approximately 73,000 cars on U.S. roads.
GE also introduced its first two ecomagination-qualified solutions – the fleet electrification solution and the ecomagination Kitchen, a suite of products that can help to reduce kitchen electricity use by up to 20 percent.
“In a volatile world where the global population is increasing and governments are under financial pressure, ecomagination is a path forward,” said Mark Vachon, vice president of ecomagination, GE. “The results we have generated through ecomagination prove we are delivering to our customers what they need most. Whether they are countries, municipalities, companies or individuals, ecomagination is about resource efficiency and increased productivity – ecomagination offers great economics.”
Reinforcing its commitment to open innovation, to date, GE and its venture capital partners have invested $134 million in GE’s ecomagination Challenge winners. In 2011, the company launched a regional Challenge in China where it committed $100 million to find and fund the best gas-powered energy applications. Since its launch, the Challenge has produced 22 new commercial partnerships, including energy efficient building maker, Project Frog and SynapSense, makers of wireless sensor technology and software that reduces electricity consumption in data centers. All have the potential to transform markets and radically increase resource efficiency.
* Trademark of the General Electric Company
The report also highlights GE’s industry-leading operational rigor, which resulted in further greenhouse gas and water use reductions. Greenhouse gas emissions were lowered 29 percent as compared with an adjusted 2004 baseline. Similarly, fresh water use was reduced 35 percent from the 2006 adjusted baseline.
The 2011 ecomagination progress report provides an update on the advancements GE has made against its five ecomagination commitments, which include:
- Double investment in clean-tech research and development: GE reinforced its commitment to investing in the future, deploying $2.3 billion in ecomagination R&D. With a total R&D investment of more than $4 billion in 2010 and 2011, the company is on track toward its goal of a $10 billion cumulative investment from 2010 to 2015.
- Increase revenues from ecomagination products: In 2010, GE set an ambitious goal of growing ecomagination revenues at twice the rate of total company revenue in the next five years. With 34 new products and services generating $21 billion –ecomagination revenue continues to grow at twice the rate of total company revenues.
- Reduce greenhouse gas (GHG) emissions and improve the energy efficiency of operations: In 2011, GE energy use was lowered to 48.17 million MMBtu, a reduction of 19 percent from the adjusted 2004 baseline. In addition, greenhouse gas emissions were lowered to 5.09 million metric tons of CO2 equivalents, a reduction of 29 percent from the adjusted 2004 baseline.
- Reduce water use and improve water reuse: Total fresh water use was 9.1 billion gallons, a 35 percent reduction from the 2006 baseline, and a 13.5 percent decrease from 2010.
- Keep the public informed: GE is committed to keeping our customers, stakeholders and communities informed and engaged. Interact with the 2011 ecomagination progress report at: www.ecomagination.com/progress or follow us on Twitter @ecomagination.
GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.
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