Abu Dhabi, January 20, 2009 -- Masdar announced today that GE will be an anchor partner in Masdar City. In a joint Masdar-GE agreement, the two companies outlined plans to house a new Ecomagination Centre, focused on sustainable business solutions and to form a broader R&D relationship that will support the development and deployment of new and innovative technologies. This center is part of a multi-faceted strategic partnership signed by Mubadala and GE in July 2008.
Masdar City, currently under construction, will be the world's first carbon-neutral, zero-waste city completely powered by renewable energy. Masdar is driven by the Abu Dhabi Future Energy Company (ADFEC), a wholly owned company of Mubadala Development Company. The City is a reflection of the long term strategic commitment by the government of Abu Dhabi to accelerate the development and deployment of future energy solutions.
Ecomagination is GE's commitment to conceive and construct pioneering technologies that help customers address their environmental and financial needs. The Ecomagination Centre at Masdar City will support the development of energy efficient products in the region and will raise awareness of energy conservation among the Masdar City community. The Centre will also showcase GEtechnologies, including wind, solar and other renewable energy products that will power the next generation "smart" electrical grid, water purification technology, and energy-efficient appliances for the home.
"This is truly a landmark partnership in the development of Masdar City because it will allow us to jointly develop, deploy, scale and market innovative solutions in renewable energy and sustainability." Masdar CEO Dr. Sultan Al Jaber said. "We are excited that GE will be an anchor tenant at Masdar City, as we aim to build the world's Silicon Valley for clean technology".
"The vision of the leadership of Abu Dhabi and of HH General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, and Deputy Supreme Commander of the Armed Forces of the UAE has allowed us to make great advancements in the Masdar Initiative and to attract the world's greatest partners to join us in achieving our goals." he added.
The multi-faceted agreement also provides a framework for Masdar and GE to explore areas of R&D collaboration in the development of Clean Tech products. Masdar will be able to leverage GE's technological expertise with the aim of ultimately including these technologies in the Masdar City development.
"Masdar City, and Abu Dhabi, is the perfect location for GE to establish its first Ecomagination Centre," Nabil Habayeb, President & CEO, GE Middle East and Africa, said. "We see enormous opportunities to deploy sustainable technologies in the region, drive new innovation, and harness the region's great interest and willingness in putting these technologies to work."
The Ecomagination Centre is expected to be up to 4,000 square meters in size and will be located near the Masdar Institute, Masdar's graduate-level institution dedicated to academic research and study in the development and deployment of the future of energy.
The Ecomagination Centre is a product of the GE and Mubadala framework agreement, signed in July 2008, on a global partnership encompassing a broad range of initiatives including commercial finance, clean energy research and development, aviation, industry and corporate learning. Building on an already strong relationship and a common view of high growth opportunities in the Middle East and globally, the agreement provides for shared capital commitments to new joint ventures and investment funds. For more information on GE and Mubadala, visit dev.geready.com/news/partnership.
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About Masdar
The Masdar Initiative is Abu Dhabi's multi-faceted investment in the development and commercialization of innovative technologies in renewable, alternative and sustainable energies as well as sustainable design. Masdar is driven by the Abu Dhabi Future Energy Company (ADFEC), and is wholly owned by the Mubadala Development Company. In January 2008, Abu Dhabi announced it will invest $15 billion in Masdar, the largest single government investment of its kind. For more information about the Masdar Initiative, please visit www.masdaruae.com.
About GE
GE is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing and media content, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at http://www.ge.com.
ecomaginationsm
ecomagination is GE's bold commitment to imagine and build innovative solutions that solve today's environmental challenges and benefit customers and society at large. ecomagination puts into practice GE's belief that financial and environmental performance can be integrated to accelerate profitable growth for the company, while taking on some of the world's biggest challenges. To date, over 80 products from GE's portfolio have been certified as energy efficient products.
Rania Rostom