Energy Giants Join Forces to Develop RE

General Electric a global power generation technology and services company, along with petroleum giant ExxonMobil and Stanford University have joined together on a multi-million dollar collaborative research project to identify and develop alternative and next-generation energy technologies including wind and solar.

Fairfield, Connecticut – November 21, 2002 [] The Global Climate and Energy Project (G-CEP) 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, according to the groups. 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, a provider of energy generation technology and services for the last 100 years, has a focus for the future that 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 US$225 million over the next 10 years, with US$50 million being invested by GE, up to US$100 million from ExxonMobil, and US$25 million from Schlumberger, 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, geo-engineering, combustion, power storage, and Renewable Energy sources such as wind and solar.
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