GE to invest a further $10B on "ecoimagination" energy R&D

|By:, SA News Editor

General Electric (GE) intends to spend an extra $10B on its "ecoimagination" project by 2020 as part of a plan to develop energy technology such as waterless fracking and improved gas-turbine efficiency.

GE has invested $15B on ecoimagination since forming the project in 2005; the conglomerate planned to end it next year but is extending it. The products created have generated $160B in revenue and saved $300M on water and emissions costs

Energy has become GE's fastest growth area, with the company supplying equipment and services to oil, natural gas and alternative-power companies.