GE to Accelerate Commercialization of Power Grid Technology by Acquiring FMC-Tech, an ecomagination Challenge Investment
ATLANTA, GA.May 24, 2011GE (NYSE: GE) announced today that it intends to acquire Ireland-based FMC-Tech, a leading provider of real-time power line monitoring to accelerate the commercialization of power grid technology. FMC-Tech is one of the dozen investments resulting from GEs 2010 ecomagination Challenge: Powering the Grid.
On July 13, 2010, CEO Jeff Immelt announced GEs Ecomagination Challenge: Powering the Grid, a $200 million open innovation challenge to find and fund the best ideas for bringing the power grid into the 21st century. Co-funded by four venture capital firms, the challenge aims to leverage GEs scale, technical expertise and client relationships to bring new ideas to market quickly.
With the acquisition of FMC Techs portfolio, GE will be able to provide a new level of grid intelligence to utilities, improving decision-making and streamlining operations with real-time information on power outages and available capacity on power lines, said Bob Gilligan, CEOdigital energy for GE Energy Services. Utility operators can better balance the load by managing capacity and optimizing the amount of power sent through a line. Maintenance and repair crews can be more effectively dispatched for increased productivity, improved reliability and greater customer satisfaction.
FMC-Tech solutions are a key component of a utilitys distribution automation system that provide information on locating faults, providing dynamic line ratings and help manage maintenance and repair crews. The system is designed to easily integrate with supervisory control and data acquisition(SCADA), energy management systems (EMS) and demand management systems (DMS)/outage management systems (OMS).
FMC-Techs expertise in online power management and fault detection combined with GEs distribution management expertise will drive faster technology development, implementation and broader-based solutions, which will enable a broader portfolio of utility management solutions, said Gilligan.
FMC-Tech will become part of GE Energy Services Digital Energy Smart Substation business, led by Juan Macias. All employees will remain in Shannon, Ireland.
The acquisition is expected to be completed in July.
Ecomagination is GEs business strategy to help meet customers demand for products that improve their bottom line and reduce their impact on the environment. This also will drive growth for GE that delivers for its investors. Ecomagination reflects GEs commitment to invest in a future that creates innovative solutions to environmental challenges. From 2010 to 2015, GE has committed to: doubling R&D to $ 10 billion; growing ecomagination revenues twice as fast as overall company revenue; reducing GEs energy intensity 50 percent; reducing water consumption 25 percent; and inspiring a competitive energy future.
About GE
GE (NYSE: GE) is an advanced technology, services and finance company taking on the worlds toughest challenges. Dedicated to innovation in energy, health, transportation and infrastructure, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
GE also serves the energy sector by providing technology and service solutions that are based on a commitment to quality and innovation. The company continues to invest in new technology solutions and grow through strategic acquisitions to strengthen its local presence and better serve customers around the world. The businesses that comprise GE Energy www.ge.com/energyGE Power & Water, GE Energy Services and GE Oil & Gaswork together with more than 90,000 global employees and 2010 revenues of $38 billion, to provide integrated product and service solutions in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; as well as other alternative fuels and new grid modernization technologies to meet 21st century energy needs.