* GE adds 22 new products & solutions, bringing total ecomagination portfolio to 110
* Extensive use of ecomagination products in region's aviation, healthcare, energy, water and oil & gas sectors
Dubai, UAE; July 13, 2011: GE (NYSE: GE) is underlining its commitment to the sustainable development goals of the Middle East region through its ecomagination initiative, having invested US$1.8 billion globally in the research & development of clean technologies in 2010, putting the company on course to meet its goal of US$10 billion cumulative investment between 2010 and 2015.
ecomagination is GE's commitment to conceive and construct pioneering technologies that help customers address their environmental and financial needs.
GE's ecomagination products and services are finding increasing application in the Middle East's aviation, energy, oil & gas, water and transportation sector, promoting energy and water use efficiency, both scarce resources challenged by an exponential growth in demand.
Announcing the release of the ecomagination report, GE Chairman and CEO Jeff Immelt said: "Ecomagination is a competitive force for growth across GE's businesses. With US$85 billion 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."
Nabil Habayeb, GE's President & Chief Executive Officer for the Middle East, North Africa and Turkey, said: "The Middle East is witnessing significant investments in infrastructure development as well as a growth in population. One of the central pillars of the sustainable development strategy of the regional governments is to drive energy and water use efficiencies. To support this, GE is focusing its resources on clean technology R&D. Our ecomagination center is a critical hub in driving localised R&D to identify solutions and develop products that will support the region achieve its goals of clean technology usage, meet the growing demand for water and efficiencies, promote environmental sustainability and mitigate the effects of climate change."
GE's ecomagination investment has helped lead to the development in 2010 of 22 new ecomagination-qualified products and solutions such as 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.
In 2010, GE generated US$18 billion in revenues from ecomagination products and has surpassed US$85 billion in sales since the program began in 2005 -- making ecomagination one of the most successful commercial initiatives in the history of GE. The company also reduced its energy intensity in 2010 by nearly 33% and GHG emissions 24% as compared with a 2004 baseline.
Mark Vachon, vice president of ecomagination, said, "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."
Among the key applications of GE's ecomagination products in the Middle East are the use of GE Aviation's advanced GE90-115B and GEnx jet engines by the region's leaders including Emirates Airline, Etihad Airways, Qatar Airways, Royal Jordanian, Saudi Arabian, Jazeera Airways, Oman Air, RAK Airways and ALAFCO, among others.
GE Energy products like leading-edge wind turbines, photovoltaic cells, and Jenbacher engines are used by industrial customers and municipalities in Jordan, Egypt and the UAE. These are being used in the capturing of methane gas, which is emitted from municipality solid waste landfills. The captured methane gas is used as a fuel injected in GE Jenbacher engines to producer power.
GE's unique product, DLN 2.6 combustion system, allows the lowering NOx emission levels to 9ppm, and is used in the Mesaieed IPP plant in Qatar. Also in application in the oil & gas sector are DLN (Dry Low NOx) installations in GASCO, Abu Dhabi, to reduce nitrogen oxide emissions, as well as GE's Hot Gas Expanders which help refineries recover waste process gas to generate power and avoid CO2 emissions associated with power generation, and consequently contributes to increasing revenues or downsizing energy costs.
In another project aligned with the goals of ecomagination, King Fahd University of Petroleum and Minerals (KFUPM) and GE signed agreement to establish a new fuel research center to be located on the University grounds in Dhahran, Saudi Arabia. The GE Energy Fuel Research Center will focus on furthering the understanding of alternative fuels produced in Saudi Arabia.
GE Power & Water's desalination and advanced membranes transform more than two billion gallons of water daily into fresh, usable water. Some projects in the region include: Palm Water where GE will supply water treatment technologies for Palm Water's three major Jafza facilities; and mobile water treatment fleet in Saudi Arabia, UAE and Oman.
GE's ecomagination report is available at http://www.ecomagination.com/progress, where readers are encouraged to download and read the electronic edition. iPad downloads will also be available.
Ecomagination: Progress Report
The GE ecomagination annual report provides an update on the progress GE has made in 2010 against its ecomagination commitments:
* Double investment in clean research and development -- In 2010, GE continued to demonstrate the importance of investing in the future, deploying US$1.8 billion in ecomagination R&D, and making steady first-year progress toward the new goal of US$10 billion cumulative investment between 2010 and 2015.
* Increase revenues from ecomagination products -- GE last year set an ambitious new goal of growing eco revenues at twice the rate of total company revenue in the next five years. In our first year of this goal, the ecomagination portfolio saw strong growth, adding 22 new products and solutions, generating US$18 billion in revenues.
* Reduce its greenhouse gas (GHG) emissions and improve the energy efficiency of its operations -- GE reduced its energy intensity nearly 33% - a 1% improvement over 2009 - surpassing the goal of 30% in 2012. It also reduced GHG emissions 24% - a 2% downturn from the progress made in 2009. By 2015, GE will improve the energy intensity of its operations 50%, and will reduce its absolute GHG emissions 25%. (Note: all figures in this section are compared to a 2004 baseline).
* Reduce water use and improve water reuse -- In 2010, GE's water use was 11.9 billion gallons, a 22% reduction from the 2006 baseline, and an 8% increase from 2009. Despite this slight downturn, we are still on track to exceed the target of 20% by 2012 from a baseline of 2006.
* Keep the public informed -- GE is continuing ongoing discussions, dialogues and communications to engage with the public on our ecomagination efforts. In 2010, the company launched an updated website at www.ecomagination.com, where the public can learn more and engage in a dialogue about GE, ecomagination, our customers and our diverse stakeholders. We further ensure strong disclosure by holding more than 300 analyst and investor meetings annually.
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