General Electric Co. (GE: 15.25 +0.04 +0.26%), together with its partners Emerald Technology Ventures, Foundation Capital, Kleiner Perkins Caufield & Byers and RockPort Capital, plans to invest $200 million to upgrade its Power Grid Technology. The investment is a part of the company’s “ecomagination” research and development project. The company met its investment target of $5 billion in 2009, a year ahead of schedule, and plans to make an additional investment of up to $10 billion in the next five years.
The investment will be made globally in various grid development technologies, after they receive validation from the company’s technical and commercial teams. The company plans to search for new partners for the project to expand its global presence and will also make the new technology available to its existing customers.
Such an initiative, by General Electric, provides a platform for business entities as well as private individuals to develop innovative ideas and skills, which are more often than not wasted due to a lack of funds.
The increasing demand for electricity, with development of infrastructure and rising population, has increased the need for sustainable and efficient means of energy production system. A modernized power grid for energy production will not only reduce pollution but will also increase the production capacity of the plants. Construction of such novel, modernized plants will provide employment opportunity to the local people, hence leading to economical and social development of the region.
Operating in more than 100 countries globally and employing about 300,000 people worldwide, General Electric Co. is a diversified infrastructure, finance and media company. Within the energy sector, the company aims to develop and install technology for the efficient use of natural resources. The major competitors of General Electric are Honeywell International Inc. (HON: 41.7987 -0.0513 -0.12%), Siemens AG (SI: 97.14 +0.53 +0.55%) and United Technologies Corp.(UTX: 68.17 +0.41 +0.61%).
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