FAIRFIELD, Conn.--(BUSINESS WIRE)--Nov. 20, 2002--General Electric (NYSE: GE), the world leader in power generation technology and services, along with ExxonMobil (NYSE: XOM), the world's largest publicly traded petroleum and petrochemical company, and Stanford University today announced an unprecedented, multi-million dollar collaborative research project.
This major energy program, called the Global Climate and Energy Project (G-CEP), will identify and develop alternative and next-generation energy technologies.
The project is unique in that the research results will be shared globally with scientists, governments and other private institutions in order to accelerate the development of these technologies. Recent reports from scientists have stressed the need for immediate research in alternative energy sources to avoid an extremely serious energy shortage in the future.
"The challenge before the world is to find energy systems that will meet rising demand and at the same time lower greenhouse gas emissions," said Scott Donnelly, Senior Vice President of GE Global Research. "There is no one organization or institution that can meet this challenge alone. It will take unprecedented partnerships, such as G-CEP, to discover the technologies that will power the world in the future. We are proud to be involved in this very important collaboration, which is a natural extension of the critical research we have been conducting in hydrogen, fuel cells, solar and wind technologies."
GE has been a leading provider of energy generation technology and services for the last 100 years, and today, GE's power turbines are the cleanest and most efficient in the world. GE's focus for the future includes generating, storing and distributing hydrogen as a fuel source, exploring the viability of fuel cells and finding new ways to make the material systems in solar panels more efficient.
This significant alliance will involve Stanford engineers and scientists along with scientists and other resources from GE, ExxonMobil and other corporations. The total investment for the project is up to $225 million over the next 10 years, with $50 million being invested by GE, up to $100 million from ExxonMobil, and $25 million from Schlumberger (NYSE: SLB), a global technology services company.
Energy sources that will be researched involve a wide array of technologies including advanced transportation systems, the production, distribution and use of hydrogen and biomass fuels, geoengineering, combustion, power storage, and renewable energy sources such as wind and solar.
About GE
GE (NYSE: GE) is a diversified technology and services company dedicated to creating products that make life better. From aircraft engines and power generation to financial services, medical imaging, television programming and plastics, GE operates in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at <http://www.ge.com>.
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