GE, the global advanced technology company, invested $1.8 billion globally in the research and development of clean technologies in 2010, and aims at a cumulative investment of $10 billion between 2010 and 2015.

Ecomagination, GE’s commitment to conceive and construct pioneering technologies, products and services are finding increasing application in the Middle East’s aviation, energy, oil & gas, water and transportation sector, a statement said.

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 $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 and chief executive officer for Mena 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,” he added.

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 $18 billion in revenues from ecomagination products and has surpassed $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 per cent and GHG emissions 24 per cent as compared with a 2004 baseline, a statement said.

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 major airlines. – TradeArabia News Service