GE: Ecomagination Revenue To Hit $17 Billion In 2008
GE says that revenues from Ecomagination products and services will increase to $17 billion in 2008. While this is a 21% increase over last year, it’s also a decline from a forecast of $18 billion made in May.
“There is a green lining among the current economic stormclouds and GE customers and investors are benefiting,” said GE Chairman and CEO Jeff Immelt. “Cleaner innovation and technology resonate in the marketplace, while we slash our own energy and water costs and emissions.”
GE says it will will invest $1.4 billion in cleaner technology research and development in 2008, nearing its $1.5 billion annual ecomagination R&D target by 2010. GE also reports that it now has 70 ecomagination-certified products, four times the size of the 2005 portfolio. The company says that its new partnership with Google (on development of the “Smart Grid”) will accelerate this process and expand the pipeline.
GE also forecasts $17 billion in revenues from ecomagination products and services in 2008. In 2007, GE raised its ecomagination revenue target from an original goal of $20 billion in annual sales by 2010 to $25 billion in annual sales by the same date.
Revenue highlights come from across the product portfolio, including GE Aviation’s advanced GE90-115B and GEnx jet engines, of which more than 2,200 have been sold and which are backordered, and advanced locomotives, which helped GE Transportation report $1.3 billion in revenues and $255 million in segment profit in the 3rd quarter.
GHG emissions from operations in 2008 will be reduced by about 8% from the 2004 baseline as the company says it continues to be on target to meet its goal to reduce GHG emissions 1%.
GE says it has reduced total water consumption from waters used for potable, process, and sanitary purposes as well as non-contact cooling waters from freshwater sources by 2% since 2006.
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