Boston, MA 02/25/2014 (wallstreetpr) – General electric Company (NYSE:GE) plans to go all green by investing a total of $10 billion in the research and development of green energy technology. This is part of GE plans to venture more into “Ecomagination” initiatives by 2020. Ecomagination was initially launched in 2005 and was slated to spend a total of $15 billion but the latest announcement means the total investment package will raise to $25 billion. The period of investment also increases by 5 years, so far GE has already invested a total of $12 billion.
Ecomagination will try to focus on three key areas of natural gas, renewable energy and power plants according to the company. The technology aims at increasing the efficiency of power plants by essentially increasing wind turbine output and replacing water in hydraulic fracturing.
General electric Company (NYSE:GE) continues to grow at the back of its oil and gas business which has continued to thrive over the past few years. The company seeks to become the largest and leader in the supply of green energy alternatives as the natural gas industry continues to grow in the US. The company is currently building an oil and natural gas research center in Oklahoma. GE plans to carry out a research with part of the money in the effort of finding ways of increasing power plant efficiencies.
General electric Company (NYSE:GE) has already incurred $15 billion as a result of the Ecomagination project an amount that is absolutely realistic considering the project has been able to bring back a total of $160 billion in total revenues. This project forms part of GE plans of trying to focus more on green energy sources as it has been able to reduce greenhouse emission by highs of 34% since 2004.
General electric Company (NYSE:GE) closed Monday trading session at a high of $25.59 after moving up by 1.40% in active trading.
