GE ecomagination revenues cross $10 billion; new orders at $17 billion

Our Corporate Bureau
18 May 2006

Mumbai: According to GE's 2005 'ecomagination' report, Taking on Big Challenges, released yesterday, GE's revenues from the sale of its energy efficient and environmentally advanced products and services reached $10.1 billion (Rs 45,813 crore) in 2005, up from $6.2 billion (Rs 28,123 crore) in 2004 – with orders nearly doubling to $17 billion (Rs 77,112 crore).

Launched in May 2005, ecomagination is GE's project to 'imagine' and build
innovative technologies that help customers address their environmental and financial needs and help GE grow.

"Ecomagination is paying off for our investors and customers," says Jeff Immelt, chairman and CEO, GE. "Our advanced environmental products and services are helping customers increase their energy efficiency and reduce costs and emissions. And it is providing the growth we expected for GE, as we are ahead of our plan to reach $20 billion (Rs 90,772 crore) in annual sales of ecomagination products by 2010."

"With oil prices and other energy costs surging and with water scarcity concerns spreading, ecomagination makes even more sense for our investors today than it did a year ago," Immelt said. "Last year, we said that 'green can be green' – that we would make money helping customers meet their environmental challenges. A year later, we know that green is green, and that it will make a difference on the bottom line for GE investors as customer interest is accelerating."

GE is also using ecomagination as a platform to improve the energy efficiency of its own operations, helping to lower costs. In 2004 and 2005, GE undertook nearly 500 global energy conservation projects that resulted in reduction of more than 250,000 tons of GHG emissions - the equivalent of removing nearly 50,000 cars from the road. These projects are yielding substantial energy cost savings.

Taking on Big Challenges details GE's progress in meeting its own challenges and the broader challenges faced by customers and society. The report reviews GE's performance on its four commitments in the sphere of ecomagination and describes a long-term plan to meet these goals.