GE Joins With the MIT Energy Initiative to Develop Advanced Technology Solutions for Transforming Global Energy Systems
August 30 2016 - 7:00AM
Business Wire
- GE commits to a five-year, $7.5 million
membership with MIT Energy Initiative (MITEI)
- GE will become a Sustaining Member of
the MITEI and participate in MITEI’s Low-Carbon Energy Centers
- Furthers GE’s commitment to the Boston
area and expertise focused on solutions to carbon reduction
GE (NYSE:GE) announced it will be joining with the MIT Energy
Initiative (MITEI) to fund advanced technology solutions to help
transform global energy systems. As a Sustaining Member of MITEI,
GE will commit a total of $7.5 million over a five-year period
($1.5 million annually) and play an active role in MITEI’s research
and project priorities. Specifically, GE will participate in four
of MITEI’s Low-Carbon Energy Centers to advance research and
development (R&D) in key technology areas for meeting future
energy needs: solar energy; energy storage; electric power systems;
and carbon capture, utilization and storage.
“The world will need 50 percent more power in the next 20
years,” said Steve Bolze, president & CEO of GE Power. “GE and
MITEI are proud to be working together to find new solutions to
develop cleaner, more affordable and accessible energy solutions
that will address this need. Together we will leverage our
collective capabilities, research and technology solutions to help
improve efficiency while reducing the impact of electricity
generation on the environment.”
GE will participate in supporting MIT faculty and student
research through MITEI. Several GE customers are also members
working with the initiative, including EDF, Exelon Corporation and
Duke Energy. MITEI will also bring GE and other members together to
connect innovation, business and policy to transform the energy
industry. GE strives to be the world’s premier digital industrial
company and is committed to working with the best and brightest
minds to further unleash the power of digital solutions.
MITEI’s relationship with GE will engage and involve all of GE’s
energy-related businesses: GE Power, GE Renewable Energy, GE Oil
& Gas, GE Energy Connections, GE’s Global Research Center, GE
Global Growth & Operations, GE Ventures, and Current, powered
by GE. Among the many benefits of the membership, GE will sponsor
research programs at MITEI, contribute to MITEI’s Seed Fund to
support novel and early-stage energy research proposals and
participate in several conferences and learning opportunities each
year.
“GE’s support as a Sustaining Member and engagement in MITEI’s
Low-Carbon Energy Centers will be extremely valuable in spurring
further technology advancements to address complex energy and
climate challenges—areas where GE’s wealth of expertise and history
of developing solutions dovetail with MIT’s research,” said Robert
Armstrong, director of MITEI. “We are excited to welcome GE and
launch this relationship.”
MITEI’s Low-Carbon Energy Centers, announced last fall as a key
component of MIT’s Plan for Action on Climate Change, represent a
major part of MIT’s commitment to address climate change through
engagement with industry, government and the philanthropic
community.
GE moved its global headquarters to Boston last week, moving
into an interim space as it works to develop and build its new
global headquarters campus in Boston’s Fort Point neighborhood in
2018. Today’s announcement continues GE’s investment and engagement
in the Boston area. GE selected Boston because of its innovation,
talent and infrastructure, as well as the strong ecosystem of
companies, universities, start-ups and R&D resources the city
hosts. The move to Boston will further strengthen GE’s focus to
become the world’s premier digital industrial company.
About the MIT Energy Initiative
The MIT Energy Initiative is MIT’s hub for energy research,
education, and outreach. MITEI links world-class academic research
teams with industry and government to respond to specific energy
challenges. Through these engagements, MITEI develops low- and
no-carbon emissions solutions that will efficiently and affordably
meet global energy needs while minimizing environmental impacts,
dramatically reducing greenhouse gas emissions, and mitigating
climate change. MITEI is establishing eight Low-Carbon Energy
Centers to advance R&D in key technology areas for addressing
climate change: carbon capture, utilization, and storage; electric
power systems; energy bioscience; energy storage; materials for
energy and extreme environments; advanced nuclear energy systems;
nuclear fusion; and solar energy. energy.mit.edu
About GE
GE (NYSE: GE) is the world’s Digital Industrial Company,
transforming industry with software-defined machines and solutions
that are connected, responsive and predictive. GE is organized
around a global exchange of knowledge, the "GE Store," through
which each business shares and accesses the same technology,
markets, structure and intellect. Each invention further fuels
innovation and application across our industrial sectors. With
people, services, technology and scale, GE delivers better outcomes
for customers by speaking the language of
industry. www.ge.com
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160830005413/en/
GESue Bishop, +1-617-443-2991Susan.bishop@ge.comorGE PowerTom
Millas, +1-513-813-9664thomas.millas@ge.comorMIT Energy
InitiativeEmily Dahl, +1-617-253-3411edahl@mit.edu
GE Aerospace (NYSE:GE)
Historical Stock Chart
From Aug 2024 to Sep 2024
GE Aerospace (NYSE:GE)
Historical Stock Chart
From Sep 2023 to Sep 2024