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FINANCIAL NEWS
GE ecomagination records 20% growth in ME
23 Jan 2011
(MENAFN) Mark Vachon, Vice President of GE ecomagination; General Electric’s green technology unit, said that during 2010, it posted growth of 20 percent in the Middle East (ME) region, making it its fastest growing market, Arabian Business reported.
GE ecomagination, which was set up in May 2005, has to date, generated revenue of approximately $20 billion for its US-based parent company, and has around 100 products in its portfolio, from wind turbines to dual system batteries, revealed Vachon.
According to Vachon, the solar power sector is forecasted to accelerate significantly, whereas the company has had discussions with Qatar regarding opportunities to actually be the energy source for water desalination that will be used in agriculture.
Separately, GE said in June it will invest $10 billion in environmentally friendly products by 2015, double the amount it spent in the past five years, said the VP.
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