General Electric Company (GE) is a recognized name when it comes to technology innovation. With the announcement of ecomagination open innovation challenge worth roughly CAD$1 million, the company has taken a step further in that direction. The Challenge will accelerate technology development in Canada’s oil sands.
Divided into two parts, the Challenge intends to discover new uses for waste heat and improve steam generation efficiency. Winners of the Challenge will be entitled to CAD$1 million and the chance to further develop and commercialize the proposed solutions. Moreover, they can also become supplier or contractor for General Electric’s future projects.
The Challenge will tap the growth potential of the Canadian oil reserves – third largest in the world after Saudi Arabia and Venezuela. Oil sands production is expected to increase manifold over the next two decades with an incessant urge to reduce green-house gas (GHG) emissions for a safer and cleaner world.
General Electric has appointed Canada’s Oil Sands Innovation Alliance (COSIA) and Alberta Innovates – Energy and Environment Solutions (AI-EES) as advisors to the program.
The ecomagination challenge was launched by the company in 2005 to invent technology solutions that save money and reduce environmental impact for customers as well as for its own operations. The initiative has generated nearly $160 billion in revenue till date for the conglomerate.
General Electric is one of the largest and most diversified technology and financial services corporations in the world. The company’s products and services range from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and industrial products.
With a market capitalization of $264.4 billion, General Electric holds a Zacks Rank #3 (Hold). Some better-ranked stocks in the industry include CLARCOR Inc. (CLC), Compass Diversified Holdings (CODI) and ITT Corporation (ITT). All these stocks carry a Zacks Rank #2 (Buy).
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