Australia is 6th highest contributor globally in GE's ecomagination Challenge
Sydney, Australia, 14, September, 2010 - Australian entries for GE's US$200m ecomagination challenge are the highest in Asia Pacific. With three weeks remaining, 30 projects focused on renewable energy and smart grids have been received from Australia -- outpacing China, Japan, South Korea and New Zealand.
Only the US, Canada, the UK, India and Kenya have generated more entries, demonstrating Australia's active community of innovators focused on addressing climate change.
Ben Waters, Commercial Director, GE Australia and New Zealand, said: "Australia's involvement in the ecomagination Challenge to date is impressive, especially considering its relatively small population. It's interesting to see us positioned ahead of markets such as Germany, which is considered a global leader in the renewable energy sector.
"This Challenge presents a major opportunity for Australian innovators to put forward their ideas, potentially claim a share of the investment fund, and cement Australia's place at the forefront of addressing climate change. With just under three weeks left it's not too late to get involved."
The ecomagination Challenge, which launched in July, demonstrates GE's global commitment to solving some of the world's toughest environmental challenges through open collaboration. It seeks the best ideas to transform the way we create, connect and use power.
The US$200 million commitment will help bring new ideas around smart grid technology to market by providing businesses and individuals the opportunity to secure growth capital investment from GE and participating venture capital firms.
Entries will be evaluated as candidates for both a potential future commercial relationship with GE as well as for five US$100,000 innovation challenge awards acknowledging examples of outstanding entrepreneurship and innovation.
The most popular entry, as voted by the public, will receive a US$50,000 award. Over 56,000 votes have already been received.
The ecomagination Challenge closes on 30th September 2010, with global responses currently standing at a total of more than 1,500 submissions from over 72 countries.
For more information on the ecomagination Challenge, visit www.ecomagination.com/challenge.
About GE
GE (NYSE: GE) is an innovative and diversified technology company taking on the world's toughest challenges. From aircraft engines and power generation to financial services, healthcare, and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's website at www.ge.com.
About GE's ecomagination
GE is driving a global transformation in how society makes, moves and uses energy through ecomagination, an initiative to make clean energy real - right now. Since its inception in 2005, more than 90 ecomagination-certified products have been brought to market with revenues reaching $18 billion in 2009. With $5 billion invested in R&D its first five years, GE committed to doubling its ecomagination investment and collaborate with partners to accelerate a new era of energy innovation. The company will invest $10 billion in R&D over five years and double operational energy efficiency while reducing greenhouse gas emissions and water consumption. As part of the initiative, GE launched "GE ecomagination Challenge: Powering the Grid", a $200 million financial commitment challenging innovators to join in building the next-generation power grid. For more information, visit the ecomagination website at http://ge.ecomagination.com/index.html.
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