GEâ€™s ecomagination Business Sees 21% Rise in Revenue
Company doubled investment in clean technology research and development in 2008
Revenue from the renewable energy, water treatment and other segments of General Electricâ€™s â€śecomaginationâ€ť clean technology business are expected to increase by 21% this year to $17 billion, the company reported on Oct. 21.
â€śThere is a green lining among the current economic storm clouds, and GE customers and investors are benefiting,â€ť said GE chairman and CEO Jeff Immelt in announcing the projected revenue results. â€śCleaner innovation and technology resonate in the marketplace, while we slash our own energy and water costs and emissions, further strengthening GEâ€™s competitive position and the advantage GE offers to its customers.â€ť
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 companyâ€™s target of $1.5 billion spent on R&D annually by 2010.
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