GE announced it will be an anchor partner in Masdar City, touted to be – when completed – the world’s first carbon-neutral, zero-waste city powered entirely by renewable energy.
In a joint Masdar-GE agreement, the two companies outlined plans to house a new Ecomagination Center, which will focus on sustainable business solutions, and will form a broader R&D relationship.
Masdar is driven by the Abu Dhabi Future Energy Company, a wholly owned company of Mubadala Development Company. The Ecomagination Center is part of a strategic partnership signed by Mubadala and GE in July 2008.
The Ecomagination Center is expected to be up to 4,000 square meters in size and will be located near the Masdar Institute. The center will showcase GE technologies, including wind and solar energy products, water purification technology, and energy-efficient appliances for the home.
GE says that revenues from Ecomagination products and services will increase to $17 billion for 2008. While this is a 21 percent increase over 2007, it’s also a decline from a forecast of $18 billion made in May 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.