GE Surpassed $5 Billion in R & D Investment in Ecomagination Technology
GE announced that it surpassed $5 billion in ecomagination research and development investment in 2009, one year ahead of schedule, and committed to invest an additional $10 billion by 2015.
GE has released its 2009 ecomagination annual report, which details the significant progress and milestones achieved since the May 2005 launch, including the announcement of new commitments as the company reaches its fifth anniversary of ecomagination. GE reported that revenues from its portfolio of energy efficient and environmentally advantageous products and services crossed $18 billion in 2009; GHG intensity was reduced 39% compared to 2004; and GHG emissions from GE operations were 22% lower than the 2004 baseline.
"Ecomagination is one of our most successful cross-company business initiatives. If counted separately, 2009 ecomagination revenues would equal that of a Fortune 130 company and ecomagination revenue growth equals almost two times the company average," said Jeff Immelt, Chairman and CEO, GE. "We have made bold investments in ecomagination research and development and it has resulted in strong returns for shareholders."
"We have grown ecomagination revenue and research and development every year, even in challenging economic times. Given our success, we are committing to do more," said Steve Fludder, Vice President ecomagination. "The vision of a cleaner, affordable, secure and globally accessible energy infrastructure inspires and motivates us. Today, we are doubling our commitments to accelerate our contributions and to lead. We will invest twice as much in the next 5 years."
The GE ecomagination annual report provides updates on the progress on each of its ecomagination commitments in 2009, and added new commitments for 2010:
In 2009, GE invested $1.5 billion on ecomagination R&D, reaching the commitment to double our annual investment by 2010 one year ahead of schedule. GE continues to be committed to unleashing new technology. Therefore, in 2010 GE is introducing a new commitment to invest an additional $10 billion in ecomagination research and development by 2015.
In 2009, ecomagination revenues grew 6% to $18 billion even in a challenging global environment. GE is now committing that ecomagination revenue will grow at twice the rate of total company revenue in the next five years, making ecomagination an even larger proportion of total company sales.