GE's Earnings Grow to $14 Billion in 2007
GE reported that revenues from its portfolio of energy efficient and environmentally advantageous products and services crossed $14 billion in 2007, up more than 15 percent from 2006; the ecomagination order book surged past $70 billion; and GE's own "cleantech" fund – investment in cleaner technology research and development – passed $1 billion for the first time.
"Ecomagination is one of the most successful cross-company business initiatives in our recent history," said GE Chair and Chief Executive Officer Jeff Immelt, in Beijing to report the progress with GE customers and partners. "It is a clear amplifier of our strong reputation for innovation and execution, harnessing the strength of every GE business to maximize returns for GE investors while minimizing our own energy use and greenhouse gas emissions."
In 2005, GE set an original goal to grow revenues from ecomagination products from $6 billion in 2004 to $20 billion in 2010. With the current report, the company forecasts it will surpass $20 billion by 2009 and is consequently raising the annual ecomagination revenue goal to $25 billion by 2010.
The report is available at www.ecomagination.com/report.