Company doubled investment in clean technology research and development in 2008
Revenue from the renewable energy, water treatment and other segments of General Electric’s “ecomagination” clean technology business are expected to increase by 21% this year to $17 billion, the company reported on Oct. 21.
“There is a green lining among the current economic storm clouds, and GE customers and investors are benefiting,” said GE chairman and CEO Jeff Immelt in announcing the projected revenue results. “Cleaner innovation and technology resonate in the marketplace, while we slash our own energy and water costs and emissions, further strengthening GE’s competitive position and the advantage GE offers to its customers.”
GE also announced that its investment in clean technology research and development doubled in 2008 to $1.4 billion, well on the way to achieving the company’s target of $1.5 billion spent on R&D annually by 2010.