Ecomagination generates US$18bn in revenues for GE
GE spent around US$1.8bn on research and development in clean technologies in 2010 and made US$18bn in revenues from products created through its Ecomagination programme, the company has revealed.
The conglomerate, which has just released the Ecomagination 2010 Annual Report, said its clean tech R&D funding for the year puts it on course to meet its goal of US$10bn cumulative investment between 2010 and 2015.
It said the investment contributed to the development in 2010 of 22 new Ecomagination-qualified products and solutions, including WattStation, a user-friendly charging station designed to accelerate the adoption of plug-in electric vehicles, and Nucleus, a smart meter technology that helps homeowners manage energy use.
The annual report reveals that revenues generated from Ecomagination products during the year amounted to US$18bn, bringing sales to more than US$85bn since the programme began in 2005. GE said this makes Ecomagination one of the most successful commercial initiatives in the company’s history.
The report also shows GE reduced its energy intensity in 2010 by nearly 33pc and GHG emissions 24pc, compared with a 2004 baseline.
“Ecomagination is a competitive force for growth across GE’s businesses,” said GE chairman and CEO Jeff Immelt. “With US$85bn in sales and services since 2005, Ecomagination is a business strategy that represents an area of continued strength for the company. We’ll continue to make bold investments to help solve customer problems and deliver strong returns for our investors and shareholders.”
“While eco revenues were affected by the global economic slowdown, we continued to make significant investments even during challenging times in solutions that will help increase long-term profitability, create new markets, and deliver greater competitiveness to GE, customers, investors and consumers,” said Mark Vachon, vice-president of Ecomagination.
“By providing the most advanced technologies across the energy-water spectrum, we are turning global challenges into business opportunities that contribute to a more prosperous world and demonstrate that economic success and environmental performance go hand-in-hand.”
Photo: GE's WattStation Electric Vehicle Charging Station