General Electric Company
Company Summary
Financial Data:
NYSE:GE from Google FinanceTickers:
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GE - New York Stock Exchange
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GEC - London Stock Exchange Group
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Recent news
- 1/27/2023 - GE Proposes Two... (subscriber access)
- 1/25/2023 - GE Notes Negative $1.76... (subscriber access)
- 1/25/2023 - GE Announces 4Q22... (subscriber access)
- 10/6/2022 - GE Laying Off Employees... (subscriber access)
- 2/10/2022 - EDF Acquiring Part of GE... (subscriber access)
Company Transactions
Date: 3/31/2019
Type: Acquisition
NOTES:
General Electric has entered into a deal with American Industrial Partners to divest Current, which is a provider of energy efficiency and digital productivity solutions for offices, stores, facilities and cities.
General Electric has entered into a deal with American Industrial Partners to divest Current, which is a provider of energy efficiency and digital productivity solutions for offices, stores, facilities and cities.
Date: 1/15/2019
Type: Acquisition
NOTES:
Air Products has signed a deal to acquire GE's gasification business and technology. The deal includes GE's stake in a 50/50 JV in Chinese gasification projects and more than 1,000 patents on GE's gasification technology that represent 36,000-MW in syngas operation.
Air Products has signed a deal to acquire GE's gasification business and technology. The deal includes GE's stake in a 50/50 JV in Chinese gasification projects and more than 1,000 patents on GE's gasification technology that represent 36,000-MW in syngas operation.
REGIONS:
International
Date: 9/30/2018
Type: Acquisition
NOTES:
Starwood Property Trust has entered into a deal with GE to acquire their Energy Project Finance Debt Business for $2.56 billion. GE Capital's debt business includes a loan portfolio with 51 senior loans and 21 full time employees.
Starwood Property Trust has entered into a deal with GE to acquire their Energy Project Finance Debt Business for $2.56 billion. GE Capital's debt business includes a loan portfolio with 51 senior loans and 21 full time employees.
REGIONS:
North America
International
Date: 9/30/2017
Type: Acquisition
NOTES:
GE announced in March that it had agreed to sell GE Water to Suez for $3.4 billion
GE announced in March that it had agreed to sell GE Water to Suez for $3.4 billion
Date: 4/20/2017
Type: Acquisition
REGIONS:
Worldwide
News & Press Releases
Criterion News
- 1/27/2023 - GE Proposes Two... (subscriber access)
- 1/25/2023 - GE Notes Negative $1.76... (subscriber access)
- 1/25/2023 - GE Announces 4Q22... (subscriber access)
- 10/6/2022 - GE Laying Off Employees... (subscriber access)
- 2/10/2022 - EDF Acquiring Part of GE... (subscriber access)
- 9/22/2021 - EDF in Early Talks to... (subscriber access)
- 11/23/2020 - GE Chosen to Provide Gas... (subscriber access)
- 6/9/2020 - GE Reopens Debt... (subscriber access)
- 9/17/2019 - Baker Hughes Sheds... (subscriber access)
- 8/21/2019 - Consortium of Academics... (subscriber access)
- 6/24/2019 - General Electric to... (subscriber access)
- 11/14/2018 - GE Reports Private... (subscriber access)
- 11/14/2018 - GE Reports Pricing of... (subscriber access)
- 11/13/2018 - Baker Hughes and General... (subscriber access)
- 11/13/2018 - General Electric... (subscriber access)
- 11/7/2018 - Air Products Acquiring... (subscriber access)
- 11/7/2018 - GE Divesting Current to... (subscriber access)
- 8/29/2018 - GE's Turbine Upgrade... (subscriber access)
- 6/26/2018 - GE Intends to Sell Stake... (subscriber access)
- 3/1/2018 - GE Announces Development of New 12-MW Offshore Wind Turbine; Deploying by 2021
- 12/7/2017 - GE Power Cutting... (subscriber access)
- 11/6/2017 - Baker Hughes Authorizes $3 Billion Share Repurchase Program
- 10/2/2017 - GE Closes on $3.4... (subscriber access)
- 6/12/2017 - DOJ Approves Transaction... (subscriber access)
- 5/31/2017 - Baker Hughes and GE Receive Merger Clearance from the European Clearance
- 5/22/2017 - Saudi Aramco Signs MoU... (subscriber access)
- 4/20/2017 - GE Closes Acquisition of... (subscriber access)
- 3/8/2017 - Caithness Energy Bringing 1,029-MW Marcellus Supplied Power Plant Online in 2018
- 10/11/2016 - GE to Buy LM Wind Power... (subscriber access)
- 2/29/2016 - Halliburton and DOJ at... (subscriber access)
Press Releases
- Enhanced Drilling Process Efficiency – Foresight of asset anomalies and drilling process deviations to reduce operational disruptions and enhance performance consistency.
- Shift to Predictive Asset Management – Redefinition of maintenance strategies, with a focus on predictive asset management to achieve long-term, sustainable operational expenditure reductions across the fleet.
- Reduction of Third-party Service Costs – Anytime, anywhere rig visibility and insights that leverage the one-to-many impact of shore-based experts to reduce third-party service costs.
- Eventboard: Better manage meeting rooms and forecast workspace needs with analytics of how rooms are used, plus real-time views of open rooms to save time searching.
- Keonn: Retailers are able to improve the customer shopping experience in store, from increasing product availability, to making sure that customers find the products they are looking for.
- Mowingo: Retailers and brands target shoppers with coupons, information and promotions via their mobile phones based on their activity and precise indoor location, down to a store's aisle.
- Point Inside: Answers the two most fundamental questions in retail--Do you have it, and where can I find it--and directs shoppers to the products on their smartphones, leading to increased sales and new data to help retailers analyze shopper behavior and improve store operations.
- Serraview: Businesses can visualize their space utilization to make better decisions on their real estate needs and provide just-in-time wayfinding tools to their employees.
- BreezoMeter: By pairing Current's microservices with BreezoMeter technology, cities gain intelligence around how traffic conditions impact the environment, giving planners actionable analytics to influence city mapping and climate-change initiatives.
- CivicSmart: This solution enables cities to efficiently manage parking infrastructure to unlock the value of their streets and drive growth in core business districts.
- Genetec: City, public safety and emergency responders have real-time views of what's happening across town with live video feeds and analytics to help create safer, more secure environments.
- INRIX: No more circling the block looking for parking or wasting time stuck in traffic. INRIX is the preferred provider of parking and traffic intelligence to leading automakers, transportation agencies and third-party apps. Customers include Audi, BMW, Lexus, Toyota, more than 60 U.S. Departments of Transportation, the U.K. Highways Agency and the Danish Road Directorate.
6/30/2020 - Agilyx announces the launch of a new feedstock management company, Cyclyx International, Inc.
Agilyx announces the launch of a new feedstock management company, Cyclyx International, Inc.
Source: PR Newswire
PORTSMOUTH, N.H., June 30, 2020 /PRNewswire/ -- Agilyx Corporation ("Agilyx"), a leader in chemical recycling, today announced that it is leveraging its existing post-use plastic feedstock management system to create a new subsidiary company Cyclyx International, Inc. ("Cyclyx"). The overarching goal of Cyclyx is to dramatically increase the recyclability of post-use plastics with a priority for fully circular pathways as well as assisting in the development of new supply chains that will aggregate and preprocess larger volumes of post-use plastics than current systems can support.
Over the last 16 years, through extensive research and commercial operations, Agilyx has developed the industry´s largest database and predictive analytics around the chemical complexity embedded in waste plastics. In 2019 Agilyx entered into a partnership with General Electric through its Licensing and Research divisions to develop artificial intelligence ("AI"), machine learning ("ML") and predictive modeling ("PM") and optimization tools that utilize Agilyx's extensive data and domain knowledge to significantly increase plastic recycling rates for all post-use plastics and create new recycling pathways.
The Cyclyx platform has been developed to be an industry consortium comprised of partners across the value chain, which will enable Agilyx and GE to have much broader impact across the many other industry sectors with its innovative plastic recycling solutions. Cyclyx is currently establishing partnerships with many companies in diverse sectors, including petrochemical, waste and recycling, retail, brand owners as well as municipalities. Over the coming months, Cyclyx will highlight these relationships through additional announcements.
"As a company striving to increase global plastic recovery, we have found that the data generated over our history can be used as a key tool to greatly expand and accelerate the recycling of post-use plastics," stated Joe Vaillancourt, CEO of Agilyx. "We initially developed Cyclyx to help source plastic feedstocks appropriate for facilities we are currently developing on three different continents. We quickly discovered that our process was greatly needed by others in the advanced recycling as well as mechanical recycling industries. As a result, we have created Cyclyx so that Agilyx and many other companies can work together to help bridge that gap."
"The launch of Cyclyx and efforts to establish new partnerships will expand the impact GE's digital solutions have in the recycling of post-use plastics across multiple industries," said Pat Patnode, President and CEO, GE Licensing. "As we take on new datasets and challenges with new Consortium partners, the AI team at GE Research will be able to build more robust AI, ML and predictive modeling and analytics tools that not only expand in industry applications but also lead to further improvements in recycling solutions."
GE has successfully developed and applied innovative digital solutions across its major industry sectors in aviation, energy, healthcare and transportation that have delivered more efficient products and services and created hundreds of millions of dollars in new business value for GE and its customers. It has accomplished this by harnessing its deep industry domain knowledge and expertise in the physical sciences to inform and create new digital capabilities with AL, ML, and predictive modeling and analytics at GE's Research Center. GE is now applying that model with Agilyx to deliver transformational improvements in plastics recycling.
About Agilyx Corporation
Agilyx is the pioneer in chemically recycling difficult-to-recycle post-use plastic streams into a variety of products including circular virgin like plastics, chemical intermediates, and fuels. The company has not only developed these first-to-market products, but has also developed a feedstock management company Cyclyx International, Inc. and is working with many waste service providers, municipalities, petro-chemical, and many brand and retail companies to develop closed-loop advance recycling solutions for mixed waste plastics. Contact us to have your plastic waste streams recycled at info@agilyx.com. For more information, follow us on social media and visit us at www.agilyx.com.
About GE
GE (NYSE:GE) drives the world forward by tackling its biggest challenges: Energy, health, transportation—the essentials of modern life. By combining world-class engineering with software and analytics, GE helps the world work more efficiently, reliably, and safely. For more than 125 years, GE has invented the future of industry, and today it leads new paradigms in additive manufacturing, materials science, and data analytics. GE people are global, diverse and dedicated, operating with the highest integrity and passion to fulfill GE's mission and deliver for our customers. www.ge.com
Media Contact
John Desmarteau, Director of Communications and Government Affairs
jdesmarteau@agilyx.com
(503) 597-6406
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SOURCE Agilyx
Article Date
6/30/202012/11/2019 - Green Dreams: Agilyx and GE Enter Agreement to Advance the Circular Economy for Plastics
Green Dreams: Agilyx and GE Enter Agreement to Advance the Circular Economy for Plastics
Source: PR Newswire
PORTLAND, Ore., Dec. 11, 2019 /PRNewswire/ -- Imagine a world where plastic materials would never go to waste. Agilyx Corporation ("Agilyx"), the leader in chemical recycling of post-use plastics back into plastics chemicals and low carbon fuels, today announced a dynamic collaboration in artificial intelligence (AI) technology with the General Electric Company through its Licensing business unit that would bring the world closer than ever to making this green dream possible. Combining Agilyx's deep domain experience in chemical recycling with GE's vast experience in the application of Industrial AI, the two companies are aiming to increase the chemical recyclability of all post-use plastics from the current 10% to over 95%.
This announcement is the result of a year-long, successful effort to assess GE's advanced modeling technology developed by GE Research, and its applicability to the database of chemical conversions of post-use plastics that Agilyx has amassed over the last 15 years. Together, the companies can greatly improve recycling rates by deploying an innovative set of artificial intelligence ("AI") technologies, including machine learning ("ML"), predictive modeling ("PM") and optimization tools, in combination with other supply chain innovations in partnership with a growing number of diverse leaders in the waste and recycling, petrochemical, consumer goods products and retail industries. Additional information about these relationships will be shared throughout the coming months.
"For over 20 years I´ve had the opportunity to work at the nexus of innovation in waste management, finding ways to mine valuable resources while developing environmental stewardship. The main challenge to scaling solutions is effectively managing the variability and complexity of the materials and contaminants within diverse waste streams. This is certainly true for plastic feedstocks for chemical recycling technologies," remarked Joe Vaillancourt, Agilyx's Chief Executive Officer. "The Agilyx team has developed deep domain expertise and built the industry´s largest database of chemical recycling characterizations analyzing the relationship between thousands of plastic waste sources, processing parameters and end products. By leveraging GE's expertise in AI, ML and PM, we are deploying a toolset for global use," Vaillancourt continued. "Consumers can utilize plastic as a valuable renewable resource creating a true circular economy for plastics—a material that we all have come to depend on in our daily lives."
"This collaboration is a wonderful example of how we're connecting GE's vast technology portfolio with world-class industry partners like Agilyx to improve the environment," said Pat Patnode, President of GE Licensing. "Armed with GE's digital technologies, Agilyx will add the critical pieces they need to turn plastics into a sustainable, dependable carbon source."
"Across GE's diverse set of industries in aviation, energy and healthcare, we have successfully developed and applied Industrial AI and machine learning solutions to create hundreds of millions of dollars in new business value by improving the efficiency and performance of our assets and manufacturing processes," said Colin Parris, Vice President of Software Research for GE Research. "Together with Agilyx, we can do the same for the Plastics industry by integrating Agilyx's deep industry domain knowledge with our AI, machine learning and modeling techniques to bring recycling almost entirely full circle."
About Agilyx Corporation
Agilyx, based in Portland, Oregon, is the leader and pioneer in chemically recycling difficult-to-recycle post use plastic streams into high value low carbon circular feedstocks and fuels. The company has developed the first system capable of recycling polystyrene waste into styrene monomer, which is then used to remake new polystyrene ("PS") products. The company also has commercialized a technology that converts mixed plastics to high quality crude oil. From these first to market products, the company has since expanded its product platform into a broad range of customized low carbon chemicals, polymers and fuels. Agilyx is working with waste service providers, municipalities, refiners, and both private and public enterprises to develop closed-loop industrial solutions for mixed waste plastics.
Contact us to have your plastic waste streams recycled at info@agilyx.com. For more information, follow us on social media and visit us at www.agilyx.com.
About GE
GE (NYSE:GE) drives the world forward by tackling its biggest challenges: Energy, health, transportation—the essentials of modern life. By combining world-class engineering with software and analytics, GE helps the world work more efficiently, reliably, and safely. For more than 125 years, GE has invented the future of industry, and today it leads new paradigms in additive manufacturing, materials science, and data analytics. GE people are global, diverse and dedicated, operating with the highest integrity and passion to fulfill GE's mission and deliver for our customers. www.ge.com
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SOURCE Agilyx
Article Date
12/11/2019E.ON Secures Tax Equity Financing from GE Energy Financial Services for Panther Creek I & II Wind Repowering Project in Texas
Source: PR Newswire
CHICAGO, Sept. 24, 2019 /PRNewswire/ -- E.ON announced today it has secured more than $200 million in tax equity financing to repower its Panther Creek I and Panther Creek II Wind Farms in Texas. GE Energy Financial Services ('GE EFS') underwrote and committed a portion of the tax equity, which allows E.ON to significantly increase the lifespan of the combined 258 megawatt (MW) sites.
The repowering project increases the sites' capacity factor through the replacement and installation of new drive trains and the upgrade of 172 GE 1.5MW wind turbines with longer rotors. The project is expected to reach commercial operation in December 2019. It created 239 construction jobs at the peak of the work on-site and required more than 325,000 person-hours to complete. Local counties are collectively projected to receive more than $30 million in property tax revenue from the two projects over the next 25 years.
"Repowering sites like Panther Creek I and II allows us to increase the amount of clean, renewable power that the facilities can produce while simultaneously providing additional investment in local communities through increased tax revenues," said Silvia Ortin, Chief Operating Officer North America at E.ON. "This financing will help us significantly prolong the operating life of these projects and increase their capacity factor, allowing us to extract additional value from existing infrastructure and continue growing the American clean energy future."
"Leveraging GE's repowering technology and investment capabilities, we are proud to help E.ON bring its first U.S. repowering project to fruition and build on our track record of investing tax equity in GE wind repower projects," said Gaurav Raniwala, Global Renewable Energy Leader at GE EFS. "Located in a strong wind resource regime, the repowering project enables E.ON's Panther Creek wind farms to achieve maximum performance with greater reliability, annual energy production uplifts and extended wind farm life."
The National Renewable Energy Laboratory has estimated that annual U.S. wind repowering investment could grow to $25 billion by 2030. With the largest installed base in the U.S., GE is uniquely positioned to serve this sizable market segment.
GE EFS continues to provide tax equity financing for new build and repowered wind farms in the U.S. and expects to support GE's repowering efforts of 3GW's of units by the end of 2020. On average, wind turbines repowered by GE have seen a 20 percent increase in annual energy production and 1.5 percent availability improvement from pre-repower performance.
The Panther Creek I & II projects, part of E.ON's Panther Creek cluster in Howard, Glasscock, and Sterling counties in Texas, were originally completed in 2008. Covering more than 65,000 acres, the combined Panther Creek project cluster produces nearly 460 MW of wind energy. The repowering project is part of the more than 1,000 MW of clean energy E.ON will bring to the grid by the end of 2020.
About E.ON
E.ON is an international investor-owned energy company, focusing entirely on energy networks, customer solutions and renewables. In the 2018 financial year, more than 43,000 employees from 100 nations generated sales of around €30 billion. More than 50 million customers purchase gas and electricity from E.ON. Within the global renewables segment E.ON is a leading company. The company has already invested more than $12 billion and operates nearly 5.4 gigawatts of renewable capacity.
About GE:
GE (NYSE:GE) drives the world forward by tackling its biggest challenges: Energy, health, transportation—the essentials of modern life. By combining world-class engineering with software and analytics, GE helps the world work more efficiently, reliably, and safely. For more than 125 years, GE has invented the future of industry, and today it leads new paradigms in additive manufacturing, materials science, and data analytics. GE people are global, diverse and dedicated, operating with the highest integrity and passion to fulfill GE's mission and deliver for our customers. www.ge.com
About GE Energy Financial Services:
A strategic GE Capital business, GE Energy Financial Services is a global energy investor with 35+ years managing assets through multiple energy cycles. Drawing on its technical know-how, financial strength and strong risk management, GE Energy Financial Services invests in and provides capital solutions for long-lived and capital-intensive projects and companies that help meet the world's energy needs. It is headquartered in Connecticut with regional hubs in London, Houston, Washington D.C., Singapore and Nairobi. For more information, visit www.geenergyfinancialservices.com and follow us on Twitter @GEEnergyFinServ.
Media contacts:
Matt Tulis
Communication Manager
512.698.4043
matthew.tulis@eon.com
Jaclyn Cochrane
Communications Leader, GE Energy Financial Services
jaclyn.cochrane@ge.com
T +1 203 229 8525 | M +1 203 219 7463
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SOURCE E.ON
Article Date
9/24/2019PPL Electric Utilities, GE Power Collaborating on Distributed Energy Technology
Source: PR Newswire
ALLENTOWN, Pa., Nov. 13, 2018 /PRNewswire/ -- PPL Electric Utilities and GE Power Digital announced a joint initiative to develop and test software to manage and control electricity from renewable and stored energy sources.
The initiative will enable both companies to learn more about the impact of this type of power — called Distributed Energy Resources (DER) — on grid management and accelerate the advancement of technology to support it.
DERs are local electricity generation, storage and other energy resources typically connected to the grid at the distribution level. With the growth of renewable resources, such as wind and solar, DERs play a growing role in the grid and make network operations more dynamic and complex for utilities like PPL.
Challenges exist because energy resources like wind and solar are not constantly available. At the same time, the grid must be able to assimilate the power while still providing safe and reliable service for all customers.
Planning for, monitoring and controlling DERs while maintaining reliability requires in-depth system knowledge combined with advanced technologies. GE's DER Orchestration software uses automated and adaptive technologies to manage the impact of distributed generation. GE was recently recognized by IDC MarketScape as a leader in DER management systems.1
PPL will adopt GE's DER Orchestration and integrate it with the utility's Advanced Distribution Management Solutions (ADMS). This combination will enable the utility to model and improve grid operations, maintain grid reliability, enhance load forecasting and improve bi-directional communication with DERs. PPL and GE will test the software within the utility's service territory for assistance with future product development and verification for others within the industry considering DERMs solutions.
Matt Green, chief information officer at PPL, commented, "There will be more change in the electric utility industry over the next 10 years than we have experienced in the prior 100 years. Distributed energy will be everywhere, but we'll still need the grid. With the proper investments to successfully orchestrate DERs, the grid will become more valuable. Utilities are best positioned to provide the platform of the future and enable emerging technologies to thrive. To accomplish this, we need long-term strategic relationships such as the one we have established with GE."
Responding to changes in the grid while maintaining reliability is a key focus for PPL. Their investments to date include installing smart grid technology, designing data analytics models to improve equipment maintenance and replacement and installing better protection against damage from lightning strikes. PPL is ranked in the top 10 percent nationally and first in the Mid-Atlantic region in keeping the lights on for its customers, according to system average outage frequency figures from the Institute of Electrical and Electronics Engineers (IEEE).
Reliability is directly related to customer satisfaction. PPL routinely ranks among national leaders in customer satisfaction, according to a noted national study. The study measures utility customer satisfaction by examining key factors, with power quality and reliability having the highest weight.
"Distributed energy brings with it variability that places new stresses on the grid. To address this challenge, new approaches to business and operating models along with advanced software solutions are critical," said Jeff Wright, vice president of product management for GE Power. "We're glad to be working directly alongside a forward-thinking utility like PPL. Not only are they focused on innovating for the future, they're focused on doing it the right way for their customers – safely and reliably."
About PPL Electric Utilities
PPL Electric Utilities provides electric delivery service to more than 1.4 million homes and businesses in Pennsylvania and ranks among the best utility companies in the country for customer service and reliability. PPL Electric Utilities is a major employer in the communities it serves. It is a subsidiary of PPL Corporation (NYSE: PPL). For more information visit www.pplelectric.com.
About GE
GE (NYSE: GE) is the world's Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com
About GE Power
GE Power is a world energy leader providing equipment, solutions and services across the energy value chain from generation to consumption. Operating in more than 180 countries, our technology produces a third of the world's electricity, equips 90 percent of power transmission utilities worldwide, and our software manages more than forty percent of the world's energy. Through relentless innovation and continuous partnership with our customers, we are developing the energy technologies of the future and improving the power networks we depend on today. For more information please visit www.ge.com/power, and follow GE Power on Twitter and on LinkedIn.
PPL Contact
Joe Nixon
Strategic Communications, PPL Electric Utilities
+1-610-774-5997
JCNixonJr@pplweb.com
GE Contact
Kathleen Szot
Media Relations, GE Power Digital
+1-312-581-8588
PowerDigital.Communications@ge.com
1 IDC MarketScape: North America Distributed Energy Resource Management Systems 2018 Vendor Assessment (Doc #US41793416), August 2018.
View original content:http://www.prnewswire.com/news-releases/ppl-electric-utilities-ge-power-collaborating-on-distributed-energy-technology-300749262.html
SOURCE PPL Electric Utilities
Article Date
11/13/2018E.ON surges forward with repowering project in West Texas
Source: PR Newswire
AUSTIN, Texas, Oct. 25, 2018 /PRNewswire/ -- E.ON announced today it is partnering with GE (NYSE: GE) to repower its Panther Creek I and Panther Creek II wind farms in West Texas.
"We're excited to embark on our first repowering project in the U.S.," said Silvia Ortin, Chief Operating Officer, North America and E.ON Climate & Renewables Board Member. "The repowering of our Panther Creek wind farms provides us with the opportunity to increase lifetime earnings from the sites. In addition, it allows us to capture up-to-date turbine efficiency improvements and a resulting increase in power generation."
The repowering includes the replacement of a significant portion of the components, effectively increasing the annual production for all 172 wind turbine generators (WTGs) totaling 258 megawatts (MW) on the sites.
"This is the largest repowering project we've undertaken at E.ON and we expect this trend to continue as we see our turbine fleet mature," said Anja-Isabel Dotzenrath, CEO, E.ON Climate & Renewables. "While our Panther Creek wind farms have been excellent performers for us in the past, this project allows us to improve reliability while gaining valuable lessons learned for any future repowering activities."
The erection and commissioning of the project will be conducted by GE as part of the equipment delivery contract and is expected to be complete in Q3 2019.
"GE and E.ON worked collaboratively to develop a repower strategy for Panther Creek that will extend the life of the wind farms, and materially increase the AEP of the existing turbines," said Vikas Anand, General Manager of GE's Onshore Wind business in the Americas. "The twofold benefit of repower will ensure that renewable energy is available to E.ON's customers for years to come."
Panther Creek I came online in September 2008 and consists of 95 GE 1.5 megawatt (MW) SLE turbines for a total of 142.5 MW. It is the first of a three-phase project in West Texas and is located in Howard and Glasscock counties.
Panther Creek II, came online in December 2008 and consists of 77 GE 1.5 MW SLE turbines for a total of 115.5 MW. Its footprint spans parts of Glasscock and Sterling counties, Texas.
About E.ON
E.ON is an international investor-owned energy company, focusing entirely on energy networks, customer solutions and renewables. In the 2017 financial year, more than 40,000 employees from 90 nations generated sales of around $42 billion. Around 32 million customers purchase gas and electricity from E.ON. Within the global renewables segment E.ON is a leading company. The company has already invested more than $12 billion and operates nearly 5.4 gigawatts of renewable capacity.
About GE Renewable Energy
GE Renewable Energy is a $10 billion business with a start-up mindset, bringing together one of the broadest energy products and digital services portfolios in the renewable energy industry. Combining onshore and offshore wind, blades, hydro and innovative technologies such as hybrid systems and concentrated solar power, GE Renewable Energy has installed more than 400+ gigawatts capacity globally to make the world work better and cleaner. With more than 22,000 employees present in more than 80 countries, GE Renewable Energy is working on new ways to power the world's biggest economies and most remote communities. Follow us at www.ge.com/renewableenergy or on twitter @GErenewables
Press Contacts:
Matt Tulis, E.ON
matthew.tulis@eon.com
512.698.4043
Becky Norton, GE
becky.norton@ge.com
518.322.8832
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SOURCE E.ON
Article Date
10/25/2018GE and CGI partner to advance the digital grid of the future
Source: PR Newswire
MONTRÉAL, Sept. 6, 2018 /PRNewswire/ - GE (NYSE: GE), one of the leading providers of digital energy solutions, and CGI (NYSE: GIB) (TSX: GIB.A), a global information technology and business consulting services company, announced the signing of an alliance agreement to pursue joint development and implementation opportunities for electric grid software in North America. This unique partnership bridges information technology and operational technology (OT) in the utility industry. GE and CGI will focus on real-time grid operations and controls, critical infrastructure and cybersecurity.
Grid control is becoming an increasing priority among operators in response to evolving energy needs, including increased renewable generation. As a result, utilities around the world are seeking to modernize, integrate and secure their grid control systems.
Modernizing these systems requires advanced technologies, and with greater connectivity comes increased cybersecurity risk. Operators must analyze potential risks, monitor for threats in real time, implement defenses and ensure continuity of operations.
GE and CGI are combining efforts to form a unique partnership to meet changing needs. GE's portfolio of digital technologies helps the industry safely manage, analyze and improve all aspects of transmission and distribution. Its solutions, including WAMS, EMS, ADMS, GIS and DERM, use advanced analytics, machine learning and artificial intelligence technologies.
CGI is among the largest independent IT and business consulting services firms in the world. In addition to decades of experience in supporting IT and OT systems for utilities, CGI offers end-to-end IT and systems integration services complemented with cybersecurity and agile capabilities.
"The energy grid of the future will demand an integrated, secure and agile system," said Jim Walsh, CEO of GE Grid Software Solutions. "CGI's experience with utility business processes combined with our proven digital energy portfolio will provide exceptional customer outcomes and help do so in the most cost-efficient way."
"We are excited to combine the best of GE and CGI to help utilities manage complex grids through advanced digital solutions," said Mark Boyajian President, Canada Operations at CGI. "CGI's local delivery centers will provide GE with access to utility experts and best practices in the agile development and integration of grid operation solutions. In addition, our cybersecurity capabilities will help address the increasing threats utilities face as they pursue their digitalization journeys."
About GE
GE (NYSE:GE) drives the world forward by tackling its biggest challenges: energy, health, transportation—the essentials of modern life. By combining world-class engineering with software and analytics, GE helps the world work more efficiently, reliably, and safely. For more than 125 years, GE has invented the future of industry, and today it leads new paradigms in additive manufacturing, materials science, and data analytics. GE people are global, diverse and dedicated, operating with the highest integrity and passion to fulfill GE's mission and deliver for our customers. www.ge.com
About GE Power
GE Power is a world energy leader providing equipment, solutions and services across the energy value chain from generation to consumption. Operating in more than 180 countries, our technology produces a third of the world's electricity, equips 90 percent of power transmission utilities worldwide, and our software manages more than forty percent of the world's energy. Through relentless innovation and continuous partnership with our customers, we are developing the energy technologies of the future and improving the power networks we depend on today. For more information please visit www.ge.com/power, and follow GE Power on Twitter and on LinkedIn.
About CGI
Founded in 1976, CGI is among the largest independent IT and business consulting services firms in the world. With 74,000 professionals across the globe, CGI delivers an end-to-end portfolio of capabilities, from IT and business consulting to systems integration, outsourcing services and intellectual property solutions. CGI works with clients through a local relationship model complemented by a global delivery network that helps clients digitally transform their organizations and accelerate results. With annual revenue of C$10.8 billion, CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Learn more at cgi.com.
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SOURCE CGI Group Inc.
Article Date
9/6/2018Lowe's and GE Lighting Expand Partnership to Differentiate Light Bulb Offering
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
MOORESVILLE, N.C., April 24, 2018 /PRNewswire/ -- To further enhance the customer experience, Lowe's Companies, Inc. (NYSE: LOW) and GE (NYSE: GE) announced today an expanded partnership to help customers easily find the right light bulb for their home while also saving energy and money.
As a part of this expanded partnership, Lowe's will become the only nationwide home center to offer industry-leading GE light bulbs. Additionally, GE Lighting will become the only nationwide supplier to Lowe's U.S. consumer retail outlets for light bulbs, including GE's popular, proprietary light bulb line, reveal®.
"GE is trusted by both do-it-yourselfers and professional customers for producing some of the most energy efficient and longest-lasting light bulbs in the industry," said Ann Haines, Lowe's merchandising vice president for lighting. "We are thrilled to expand our partnership and make purchasing a light bulb easier than ever before."
The new light bulb aisle at Lowe's simplifies the customer selection process by clearly showcasing a wide range of options at various price points so customers can quickly compare and choose a bulb that best meets their needs. GE's packaging will also be color coordinated to reflect color temperatures – warm yellow for soft white and cooler blue for daylight.
The new light bulb offering includes an expanded assortment of energy-efficient options, with more than half of the selection dedicated to LED solutions. A focal point of the LED category is GE's best light—reveal® HD+ LED light bulbs, which not only help reduce monthly energy costs, but they also filter out dull, yellow light while simultaneously bringing out colors and patterns that pop.
"For years reveal has been a favorite with consumers, and we've continued to expand this offering, including adding many more LED options," said Daraius Patell, GE Lighting's North America consumer leader. "Having reveal in the Lowe's lighting assortment adds to the depth of quality lighting options available to shoppers, allowing them to bring the best features of their homes to light and save energy at the same time."
GE Lighting's reveal HD+ LED bulbs are backed by a Lowe's Love Your Light Guarantee where customers can return in-store or online purchases of them within 90 days for a full refund if they are not completely satisfied.
About Lowe's
Lowe's Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home improvement company serving more than 18 million customers a week in the United States, Canada and Mexico. With fiscal year 2017 sales of $68.6 billion, Lowe's and its related businesses operate or service more than 2,390 home improvement and hardware stores and employ over 310,000 people. Founded in 1946 and based in Mooresville, N.C., Lowe's supports the communities it serves through programs that focus on K-12 public education and community improvement projects. For more information, visit Lowes.com.
About GE
GE (NYSE: GE) is the world's Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com
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SOURCE Lowe's Companies, Inc.
Article Date
4/24/2018GENERAL ELECTRIC INVESTIGATION INITIATED BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti, LLC Investigates the Officers and Directors of General Electric Company - GE
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
NEW ORLEANS, March 9, 2018 /PRNewswire/ -- Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC ("KSF"), announces that KSF has commenced an investigation into General Electric Company (NYSE: GE).
On October 20, 2017, GE revealed disappointing Q3 2017 results including EPS of $0.29, well below estimates of $0.49/share, and lowered 2017 earnings expectations to $1.05-$1.10 from $1.60-$1.70, its largest earnings miss in many years. On November 13, 2017, the Company revealed it was cutting its annual dividend in half, from $0.96 to $0.48 per share, only the second time it had cut its dividend since the Great Depression. On January 16, 2018, GE announced a $6.2 billion after-tax charge for Q4 2017 following a review of its GE Capital insurance portfolio as well as a $15 billion contribution spanning seven years to shore up the portfolio's reserves. Then, on January 24, 2018, GE announced an investigation by the Securities and Exchange Commission relating to the company's accounting practices and the previously disclosed charge.
The Company has been exposed to significant financial losses, including losing billions in market capital over the last year, investigations by the U.S. SEC and Justice Department, as well as securities class action lawsuits.
KSF's investigation is focusing on whether GE's officers and/or directors breached their fiduciary duties to GE's shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of GE shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nyse-ge/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
Contact:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
206 Covington St.
Madisonville, LA 70447
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SOURCE Kahn Swick & Foti, LLC
Article Date
3/10/20182/16/2018 - Law firm Grant & Eisenhofer Files Expanded Securities Class Action against General Electric
Law firm Grant & Eisenhofer Files Expanded Securities Class Action against General Electric
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
NEW YORK, Feb. 16, 2018 /PRNewswire/ -- Law firm Grant & Eisenhofer, P.A. has filed a securities class action today on behalf of The Cleveland Bakers and Teamsters Pension Fund against General Electric Company (NYSE: GE) and certain of its current and former senior executives. The action, filed in the United States District Court for the Southern District of New York, is brought on behalf of all persons or entities who purchased or acquired publicly traded GE securities, including GE common stock, during the period between February 26, 2013 and January 24, 2018, inclusive. The action is captioned The Cleveland Bakers and Teamsters Pension Fund v. General Electric Co., C.A. No.: 18-cv-01404 (S.D.N.Y.). It is related to the consolidated action Hachem v. General Electric Co., No. 1:17-cv-08457-JMF (S.D.N.Y.).
This action seeks damages for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and U.S. Securities and Exchange Commission Rule 10b-5 promulgated thereunder. Defendants are General Electric, former GE Chief Executive Officer Jeffery Immelt and GE's current CEO John Flannery, as well as the company's former Chief Financial Officer Jeffery Bornstein and its current CFO Jamie Miller.
General Electric is a multinational conglomerate and one of the world's largest companies. The action alleges that defendants concealed material information and made false and misleading statements relating to the performance of various GE business segments (including Oil & Gas and GE Power) as well as the actual value of its wholly-owned subsidiary, GE Capital, and its long-term care insurance portfolio, and did not set sufficient loss reserves for its known LTC liabilities, resulting in material overstatements in GE's net income, earnings and cash flow figures during the Class Period. When the truth regarding these false and misleading statements became known to the public, the price of GE's publicly traded securities fell significantly, harming investors.
If you purchased or acquired GE publicly traded securities during the Class Period, you are a member of this proposed Class and may be able to seek appointment as lead plaintiff, which is a court-appointed representative for the Class, by complying with the relevant provisions of the Private Securities Litigation Reform Act of 1995 (the "PSLRA"). See 15 U.S.C. Section 78u-4(a)(2)(A)(i)-(iv). If you wish to serve as lead plaintiff, you must move the Court no later than April 17, 2018. You need not seek to become a lead plaintiff in order to share in any possible recovery. You may retain counsel of your choice to represent you in this action.
The plaintiff, The Cleveland Bakers and Teamsters Pension Fund, seeks to recover damages on behalf of the Class and is represented by Grant & Eisenhofer, a law firm with a strong background and experience in handling securities class actions and other complex commercial litigation. If you have any questions about this notice, this action, or your rights, you may contact Grant & Eisenhofer at www.gelaw.com.
Media Contact: Allan Ripp 212-262-7477 aripp@rippmedia.com
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SOURCE Grant & Eisenhofer, P.A.
Article Date
2/16/2018SHAREHOLDER ALERT: Bronstein, Gewirtz & Grossman, LLC Announces Investigation of General Electric Company (GE)
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
NEW YORK, Jan. 17, 2018 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of General Electric Company ("GE" or the "Company") (NYSE: GE). Such investors are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/ge.
The investigation concerns whether GE and certain of its officers and/or directors have violated Sections federal securities laws.
On January 16, 2018, GE announced that "the comprehensive review and reserve testing for GE Capital's run-off insurance portfolio, North American Life & Health (NALH), will result in an after-tax GAAP charge of $6.2 billion for the fourth quarter of 2017." The Company further advised investors that "GE Capital expects to make statutory reserve contributions of ~$15 billion over seven years" and will suspend its dividend to GE for the "foreseeable future." On this news, GE's share price has fallen sharply during intraday trading on January 16, 2018.
If you are aware of any facts relating to this investigation, or purchased shares of GE, you can assist this investigation by visiting the firm's site: www.bgandg.com/ge. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
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SOURCE Bronstein, Gewirtz & Grossman, LLC
Article Date
1/17/20181/16/2018 - Quinbrook Closes $268 Million Tax Equity and Construction Financing to Build 200 MW Wind Project in Oklahoma
Quinbrook Closes $268 Million Tax Equity and Construction Financing to Build 200 MW Wind Project in Oklahoma
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
NEW YORK, Jan. 16, 2018 /PRNewswire/ -- Quinbrook Infrastructure Partners ("Quinbrook"), a global investment manager specializing in lower carbon and renewable energy infrastructure assets and GE (NYSE: GE) today announced that the Quinbrook Low Carbon Power Fund has closed construction and tax equity financing of the 200 Megawatt (MW) first stage of the GE-powered 365 MW Persimmon wind farm project ("Persimmon") in Oklahoma.
Quinbrook recently acquired a 75 percent controlling equity stake in Persimmon and formed a joint venture with Elawan Wind (formerly Gestamp Wind), the initial developer of the project. Persimmon secured dual interconnection agreements for connection to the Southwest Power Pool network in Oklahoma, for up to 365 MW of capacity split into two phases. The first phase is 200 MW, with completion and first generation scheduled for mid-2018. The Quinbrook and Elawan teams secured long-term offtake commitments with an investment grade counterparty to support the overall financing.
GE Renewable Energy is the project's wind turbine supplier, providing 73 of its 2.5 MW turbine and seven 2.3 MW turbines. GE Energy Financial Services, the energy investing unit of GE, has committed to provide over $190 million of tax equity financing to the project and served as bookrunner, administrative agent and lender for $252 million of credit facilities. GE Energy Financial Services arranged financing from CIT, MUFG and Rabobank, who were the Joint Lead Arrangers on the transaction.
"The Persimmon wind project is the perfect addition to Quinbrook's growing wind portfolio, which now exceeds two gigawatts," said Shawn Cumberland, Senior Managing Director at Quinbrook. "We have also found an ideal partner in Elawan, who have successfully developed the project over several years in one of the US' strongest wind regimes, Oklahoma. As partners, we have successfully navigated the many challenges arising from the recent US tax reform legislation and secured a very competitive financing package led by GE, as well as long term offtake commitments with a first-rate counterparty."
"GE Renewable Energy is a proven leader in wind turbine technology, paving the way to more affordable and efficient renewable power generation," added Cumberland. "Elawan is an accomplished developer of wind projects, not only in the United States but also in Europe, Brazil and South Africa. The first stage of Persimmon represents a critical step in building out Quinbrook's large-scale wind portfolio in the US, which will start generating cash returns for our investors from the middle of this year."
Pete McCabe, President & CEO of GE's Onshore Wind Business, said, "We are pleased to partner with Quinbrook and Gestamp on this exciting project as we work to bring wind power to more communities across the U.S. Persimmon is an example of GE's scope, with GE Renewable Energy providing the technology and GE Energy Financial Services providing the tax equity and leading the construction debt.
"In Quinbrook, we found a real partner that added tremendous value and high levels of cooperation to this process," added Javier Mateache, CEO of Elawan Wind, North America. "It's an exciting time to be involved in the wind industry as it continues to expand its reach in the US. We're honored to be undertaking this project with collaborators such as GE and Quinbrook who share our dedication to renewable energy."
Once operational, Persimmon is expected to generate nearly 900,000 MWh of zero emissions renewable power every year—equivalent to offsetting 630,000 metric tons of carbon dioxide annually.
About Quinbrook
Quinbrook Infrastructure Partners (www.quinbrook.com) is a specialist investment manager focused exclusively on lower carbon and renewable energy infrastructure investment and operational asset management in the US, UK and Australia. Quinbrook is led and managed by a senior team of power industry professionals who have collectively invested over $17 billion in energy infrastructure assets since the early 1990's, representing over 36GW of supply capacity. Quinbrook's investment and asset management team has offices in Houston, London, Jersey, and Brisbane, Australia. Quinbrook currently manages Cape Byron Power (www.capebyronpower.com), one of Australia's largest base-load renewable power generators.
About GE Renewable Energy
GE Renewable Energy is a $10 billion start-up that brings together one of the broadest product and service portfolios of the renewable energy industry. Combining onshore and offshore wind, hydro and innovative technologies such as concentrated solar power and more recently turbine blades, GE Renewable Energy has installed more than 400+ gigawatts capacity globally to make the world work better and cleaner. With more than 22,000 employees present in more than 60 countries, GE Renewable Energy is backed by the resources of the world's first digital industrial company. Our goal is to demonstrate to the rest of the world that nobody should ever have to choose between affordable, reliable, and sustainable energy.
About GE Energy Financial Services
A strategic GE Capital business, GE Energy Financial Services is a global energy investor that provides financial solutions that help meet the world's energy needs. Drawing on its technical know-how, financial strength and strong risk management, GE Energy Financial Services invests in long-lived and capital-intensive projects and companies. The firm has 35+ years of experience managing energy assets through multiple economic cycles, and a global portfolio that spans conventional and renewable power, and oil and gas infrastructure projects. It is headquartered in Connecticut with regional hubs in London, Houston, Hong Kong and Nairobi. For more information, visit www.geenergyfinancialservices.com and follow us on Twitter @GEEnergyFinServ.
About Elawan Wind (former Gestamp Wind)
Elawan Wind (www.elawan.com), is an independent wind power producer currently operating in Spain, Belgium, Poland, Brazil, USA, Mexico, Turkey and South Africa. Gestamp Wind is one of the leading companies in the wind energy business and has vertically integrated the development, construction and operation of wind farms. The company has more than 1,000 MW under operation ending 2017 with a total of 3,250,000 MWhs produced last year. The company retains an advance development and construction projects portfolio of over 2 gigawatt (GW) in different markets.
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SOURCE Quinbrook Infrastructure Partners
Article Date
1/16/2018Microsoft, GE sign agreement on new wind project in Ireland
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
DUBLIN, Oct. 9, 2017 /PRNewswire/ -- On Monday, Microsoft Corp. announced a new wind energy agreement in Ireland. With the agreement, Microsoft will become one of the first multinational technology companies to support a new wind project in Ireland.
Microsoft is entering into a 15-year power purchase agreement (PPA) with GE to purchase 100 percent of the wind energy from its new, 37-megawatt Tullahennel wind farm in County Kerry, Ireland. The agreement will help support the growing demand for Microsoft Cloud services from Ireland. As part of the deal, Microsoft also signed an agreement with Dublin-based energy trading company ElectroRoute; it will provide energy trading services to Microsoft.
In addition to producing energy, the project will produce valuable data on energy storage. Each turbine will have an integrated battery; Microsoft and GE will test how these batteries can be used to capture and store excess energy, and then provide it back to the grid as needed. This provides more predictable power to an increasingly green Irish grid, by smoothing out peaks and valleys in wind production. This will better enable intermittent clean power sources like wind energy to be added to the Irish grid. This will be the first deployment of battery integration into wind turbines to store energy in Europe.
"Microsoft is proud to be deepening our long history of investment and partnership in Ireland with this agreement," said Christian Belady, general manager, Datacenter Strategy at Microsoft. "Our commitment will help bring new, clean energy to the Irish grid, and contains innovative elements that have the potential to grow the capacity, reliability and capability of the grid. This will make it easier to incorporate new clean power sources like wind energy, and that is good for the environment, for Ireland and for our company."
This PPA builds on Microsoft's strategic partnership with GE, announced last year. The wind farm will integrate GE's Digital Wind Farm technology, which makes renewable energy outputs even more reliable. Digital models, built on the Predix platform, ensure energy generation supplied can meet demand forecasted and reduce intermittency concerns.
Andres Isaza, chief commercial officer of GE Renewable Energy, said, "This partnership with Microsoft expands GE's considerable presence and investment in Ireland, where we already employ over 1,500 people and in particular in the renewable energy sector. Wind is now one of the most competitive sources of electricity on the market today, and we're excited about the capability to use data generated from these wind turbines, using the Predix platform, to maximize the output and value of this project."
Microsoft is also acquiring an Irish energy supply license from GE. The supply license will benefit both Microsoft and the Irish power grid, as it allows the company the flexibility to easily grow and invest in renewable energy in Ireland over time. ElectroRoute will act as trading service provider for the supply company.
"ElectroRoute is delighted to work with Microsoft and GE to structure and manage the energy trading activities for the supply company," said Ronan Doherty, chief executive at ElectroRoute. "The wind energy sector is particularly vibrant in Ireland at the moment, and we are seeing the emergence of an array of new structures and procurement approaches, which I feel will persist and grow into the future."
This agreement continues Microsoft's history of supporting sustainability projects in Ireland, including a new forestry initiative announced earlier this year and investments in energy efficiency measures and technologies that have greatly reduced its energy and water footprint.
Once operational, the new wind project will bring Microsoft's total global direct procurement in renewable energy projects to almost 600 megawatts. In 2016, Microsoft set clean energy commitments to power its datacenters and bring new renewable energy sources online in the communities in which it operates.
About ElectroRoute
ElectroRoute, majority owned by Mitsubishi Corporation, is an innovative energy trading and services company headquartered in Dublin, Ireland. ElectroRoute trades energy on a 24/7 basis across nine European countries. It also provides managed trading services to energy assets, giving them ready access to pan-European markets and currently has over 700 megawatts of assets under management.
About GE
GE (NYSE: GE) is the world's Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com
About Microsoft
Microsoft (Nasdaq "MSFT" @microsoft) is the leading platform and productivity company for the mobile-first, cloud-first world, and its mission is to empower every person and every organization on the planet to achieve more.
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SOURCE Microsoft Corp.
Article Date
10/9/2017Noble Corporation Announces Partnership With GE On The Digital Rig Solution
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
LONDON, March 27, 2017 /PRNewswire/ -- Noble Corporation plc (NYSE: NE) and GE (NYSE: GE) today jointly announced a partnership to collaborate on an advanced data analytics system for offshore drilling rigs known as the Digital Rigsm solution. The Digital Rigsm solution aims to significantly improve the operational productivity of Noble's drilling rigs. By utilizing data analytics to make asset management more efficient, the Digital Rigsm solution will allow Noble to better manage the asset lifecycle and provide a more productive drilling operation for customers.
The agreement calls for GE to initially deploy its latest digital asset performance management system on four Noble drilling rigs as part of a fleet pilot program. The expected efficiencies captured through the implementation of the Digital Rigsm solution target a 20 percent reduction in repair and maintenance expenditures across the pilot rigs. The 'data-driven drilling' model created by combining Noble's operational knowledge with GE's advanced data analytics system will have a transformative impact on the entire drilling ecosystem, including:
"It is time for the industry to rethink the drilling ecosystem. Offshore companies must adapt to industry disruptions by leveraging digital solutions to counteract the current downswing and for readiness to scale during a market upswing," said Tim Schweikert, President and CEO, GE's Marine Solutions. "Industry-wide collaboration underpins a solid digital future. Together, we are stronger and will get there faster. It is a privilege to partner with Noble, and we are looking forward to delivering the results enabled by the digital age."
The Digital Rigsm solution processes operational data from critical assets utilizing GE's data models and advanced analytics to detect anomalies – often a sign of potential failure or performance degradation. These anomalies can potentially be detected weeks ahead and can provide an early warning to operators to prevent the problem before it occurs.
As the system continues to learn, the Digital Rigsm solution will be able to gauge and predict the asset's condition in order to enable a shift from planned to predictive maintenance. Empowered by innovative software-based analysis, maintenance is exercised when there is evidence of need. By reducing unnecessary or excessive maintenance, the partners believe the transition to predictive maintenance will create cost-savings, mitigate the risk of maintenance-induced problems, reduce downtime, and increase drilling productivity.
In addition, the Digital Rigsm solution will provide real-time asset data to onshore experts around the globe. These experts will be able to actively monitor aspects of the drilling process and will have foresight and visibility into the condition of the assets. By allowing onshore experts to remotely diagnose and advise offshore personnel of issues before they occur, there is a potential to reduce third-party service costs.
"With shifting market dynamics, the offshore industry is on the cusp of change. Drilling contractors must seize the moment to enhance their competitive edge," said David W. Williams, Chairman, President and Chief Executive Officer of Noble Corporation plc. "We believe the shift to data-driven decisions will have a significant effect on drilling efficiencies. It is imperative for our industry to embrace the digital revolution to stay efficient and nimble, and Noble is leading the way. We look forward to developing our Digital Rigsm solution with GE."
About Noble Corporation plc
Noble is a leading offshore drilling contractor for the oil and gas industry. The Company owns and operates one of the most modern, versatile and technically advanced fleets in the offshore drilling industry. Noble performs, through its subsidiaries, contract drilling services with a fleet of 28 offshore drilling units, consisting of 14 drillships and semisubmersibles and 14 jackups, focused largely on ultra-deepwater and high-specification jackup drilling opportunities in both established and emerging regions worldwide. Noble is a public limited company registered in England and Wales with company number 08354954 and registered office at Devonshire House, 1 Mayfair Place, London, W1J 8AJ England. Additional information on Noble is available at www.noblecorp.com.
About GE
GE (NYSE: GE) is the world's Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. To learn more, please visit www.ge.com.
About GE's Marine Solutions
GE's Marine Solutions is dedicated to power and propulsion systems for customers in the workboat, merchant, offshore and naval industries. Through smart engineering coupled with software analytics, we provide customers with data-driven efficiency. Connecting the physical and digital worlds, GE helps power, propel, position and predict the marine industry for operational excellence. www.gemarinesolutions.com.
SOURCE Noble Corporation
Article Date
3/27/2017APR Energy and GE Renew Strategic Alliance in Fast-Track Power
Source: PR Newswire
JACKSONVILLE, Fla., Jan. 3, 2017 /PRNewswire/ -- APR Energy, a global leader in fast-track power solutions, and GE (NYSE: GE) announced today they have renewed their strategic alliance to provide mobile turbine technology into the fast-track power rental market.
The strategic alliance grants APR Energy exclusivity around the globe as the rental provider of GE mobile gas turbines under 50MW. As part of the agreement, APR Energy will acquire new Generation 8, GE TM2500+ mobile turbines in connection with its initiative to upgrade and standardize its fleet. In addition, GE and APR Energy will collaborate on leads for customers looking for interim or rental power solutions as a bridge to more permanent power solutions.
The acquisition of the new mobile turbines further strengthens APR Energy's position as the world's leading provider of mobile gas turbine power, expanding its total fleet capacity to more than 2GW – enough to power the equivalent of two million U.S. homes.
Jeffrey Immelt, Chairman and Chief Executive Officer of GE, said, "We are very pleased to continue our partnership with APR Energy. We have been impressed with their high level of customer service and ability to deliver turnkey power generation projects in remote locations all around the world. With this strategic alliance, customers will benefit from APR Energy's expertise, and can use GE technology as a bridging solution while their permanent GE power plants are under construction."
"We are very excited about the mutual benefits our renewed alliance brings, and appreciate the increased collaboration between our two companies," said John Campion, Chairman of APR Energy. "Our partnership will provide APR Energy access to new leads and opportunities throughout the GE global network, helping to support our business growth and thereby increasing demand for GE equipment. The alliance also provides us with the latest generation of TM2500+ units, giving us the newest fleet in the industry, while benefiting customers with the latest advancements in fuel efficiency and emissions controls."
The original strategic alliance agreement between APR Energy and GE was signed in October 2013. The renewal includes continuation of the supply and services agreement, ensuring that GE will continue to provide support to current and future clients of APR Energy.
About APR Energy
APR Energy is the world's leading provider of fast-track mobile turbine power. Our fast, flexible and full-service power solutions provide customers with rapid access to reliable electricity when and where they need it, for as long as they need it. Combining state-of-the-art, fuel-efficient technology with industry-leading expertise, our scalable turnkey plants help run cities, countries and industries around the world, in both developed and developing markets. For more information, visit the Company's website at www.aprenergy.com.
About GE
GE (NYSE: GE) is the world's Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com
About GE Power
GE Power is a world leader in power generation with deep domain expertise to help customers deliver electricity from a wide spectrum of fuel sources. We are transforming the electricity industry with the digital power plant, the world's largest and most efficient gas turbine, full balance of plant, upgrade and service solutions as well as our data-leveraging software. Our innovative technologies and digital offerings help make power more affordable, reliable, accessible and sustainable.
For more information, visit the company's website at www.gepower.com. Follow GE Power on Twitter @GE_Power and on LinkedIn at GE Power.
SOURCE APR Energy
Article Date
1/3/201711/16/2016 - Current, powered by GE Triples Partner Ecosystem in Drive to Build Comprehensive Intelligent Environments
Current, powered by GE Triples Partner Ecosystem in Drive to Build Comprehensive Intelligent Environments
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
SAN FRANCISCO, Nov. 16, 2016 /PRNewswire/ -- Building its intelligent app offering for customers across commercial and industrial industries, Current, powered by GE (NYSE: GE) has added dozens of partners in recent months, more than tripling its digital partner ecosystem since June to reach nearly 60 total.
GE's digital energy startup continues its momentum in the intelligent environments space, adding 40 new partners to its broad application portfolio to meet customers' unique needs. With its network of partners – whose expertise ranges from hospital wayfinding to office space management to retail layout optimization – Current is helping commercial and industrial customers optimize energy use and operational efficiency.
"We're growing our partner network to offer a holistic portfolio as customers add intelligence to infrastructure," says John Gordon, Current's Chief Digital Officer. "Integrating sensors and software to energy systems, like LED lighting or onsite solar, allows companies to manage energy use and unlock operational outcomes. As businesses move toward connected solutions, it's important that we work with partners to offer a range of ready-to-install applications."
Current's partner growth expands the applications that can be integrated into Predix*, GE's software platform for the Industrial Internet.
"Predix is an open software platform built specifically for industrial applications," Gordon said. "This is a key differentiator for GE and Current, and one of the reasons we've been able to integrate a robust partner ecosystem. Buildings are one of the most pervasive assets across industries, and our partners make buildings a great place for any company to start their digital journey."
Additions to Current's intelligent ecosystem include Plexure, Teem and PTV Group, which are integrating with Current to serve industries including retail, office and transportation.
"Thanks to data provided by Current's intelligent sensors, retailers are able to create customized messaging based on a shopper's specific location," said Scott Bradley, CEO of Plexure. "This precise location information is extremely valuable when creating highly focused customer engagement campaigns." While retail is one of the most prominent settings for intelligent environments applications, it's far from the only example.
Teem (formerly EventBoard) has developed an application to optimize meeting spaces. By integrating with occupancy sensors, Teem is able to cancel previously scheduled meetings if no one shows up for them. If the sensor indicates that a meeting has no attendees, the reservation is cleared for that time slot and the room shows up as available, so that other employees can book it for impromptu meetings.
In the outdoor space, PTV Group's traffic and logistics software is helping cities across the globe meet sustainable development and economic growth goals. PTV Group's Vice President, Miller Crockart, said, "Current's Predix microservices provides efficient delivery of detailed real-time traffic conditions and incidence data and detection. This information is then input into our real-time predictive and adaptive traffic signal control solutions. This approach adds substantial value to our end customers and most importantly improves quality of life for commuters around the world."
For more on Current's partner ecosystem, visit www.currentbyge.com/partnerships.
SOURCE Current, powered by GE
Article Date
11/16/2016GE Digital and SAP Partner to Advance Industrial Internet of Things (IoT)
Source: PR Newswire
SAN FRANCISCO and WALLDORF, Germany, Nov. 16, 2016 /PRNewswire/ -- SAP SE (NYSE: SAP) and GE Digital (NYSE: GE) today announced their intention to explore collaboration in the area of the Industrial Internet of Things (IoT). The announcement is driven by the fundamental shared belief in the power of the Industrial IoT, and the ability for joint customers to drive further efficiency, savings and utilization from their investments into assets. The announcement was made at GE's Mind + Machines conference being held November 15 and 16, 2016, in San Francisco.
Building on the respective strengths of GE Digital and SAP, the companies plan to focus their initial efforts on opportunities to strengthen the integration between GE's Predix operating system and SAP HANA® Cloud Platform. Additionally, the companies intend to collaborate in the area of asset management, including SAP Asset Intelligence Network, and to explore and design use cases to enable the "Things to Outcomes" vision for customers in the oil and gas industry. "Enabling the owners, operators and makers of their equipment to share data and context is an essential building block towards the enablement of end-to-end processes and our 'Things to Outcome' vision'," said Dr. Tanja Rueckert, executive vice president, Digital Assets & IoT, at SAP.
Customers in the oil and gas industry will be the first beneficiaries between the two companies.
"The cross-collaboration between GE and SAP will allow us to create opportunities for the Industrial IoT ecosystem," said Denzil Samuels, global head of Channels & Alliances at GE Digital. "The partnership is an ongoing effort to expand joint go-to-market capabilities and accelerate innovation in rapidly growing markets for cloud platforms."
SAP and GE are both leading members of the Industrial Internet Consortium (IIC). This international network of companies and universities is driving the implementation of the Industrial IoT in several areas, including manufacturing. Both companies plan to reinforce their ongoing activities and uncover ways to work together on industry-leading standards to accelerate interoperability and convergence between IT and operational technology (OT).
For more information, visit the SAP News Center. Follow SAP on Twitter at @sapnews.
About GE Digital
GE Digital connects streams of machine data to powerful analytics, providing industrial companies with valuable insights to manage assets and operations more efficiently. World-class talent and software capabilities drive big gains in productivity, availability and longevity. For more information, visit the Web site at www.ge.com/digital.
About SAP
As one of the market leaders in enterprise application software, SAP helps companies of all sizes and industries Run Simple. From back office to the boardroom, warehouse to the storefront, desktop to a mobile device – SAP software empowers people and organizations to work together more efficiently and use business insight more effectively to stay ahead of the competition. SAP applications and services enable more than 335,000 business and public sector customers to operate profitably, adapt continuously, and grow sustainably. For more information, visit www.sap.com.
For customers interested in learning more about SAP products:
Global Customer Center: +49 180 534-34-24
United States Only: +1 (800) 872-1727
For more information, press only:
Jim Dever, +1 610 661 2161, james.dever@sap.com, EST
Jason Loesche, +1 484 437 0015, j.loesche@sap.com, EST
Hilmar Schepp, +49 6227 7-46799, hilmar.schepp@sap.com, CET
SAP News Center press room, press@sap.com
Amy Sarosiek, amy.sarosiek@ge.com
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should" and "will" and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission ("SEC"), including SAP's most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.
© 2016 SAP SE. All rights reserved.
SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE in Germany and other countries. Please see http://www.sap.com/corporate-en/legal/copyright/index.epx#trademark foradditional trademark information and notices.
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SOURCE SAP SE
Article Date
11/16/2016The Killer App to Slash Inefficiency: Current, powered by GE Unveils Digital Energy Management System to Optimize Customer Operations
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
SAN FRANCISCO, Nov. 15, 2016 /PRNewswire/ -- Current, powered by GE (NYSE: GE) today introduced a new digital energy management solution for commercial and industrial facilities. The new tool, which is built on Predix*, GE's operating system for the Industrial Internet, is already being used by national customers including McDonald's and Simon Property Group. From lighting to HVAC systems, restaurants, retailers, warehouses and commercial businesses can use the solution to see exactly where and when energy is being used in real time, while powerful software enables not only historic, but also predictive and prescriptive analytics.
"This tool is a perfect example of the optimization enabled through the power of the Industrial Internet," said Maryrose Sylvester, President & CEO of Current, powered by GE. "Energy is one of the largest overhead costs to any business, and customers are looking for a holistic, simple way to manage energy smarter. As we integrate sensors and software across systems, businesses can transform the way they see and optimize not only their energy use, but also their operational productivity."
Increasingly, entities are seeing the benefits of building automation and are seeking out connectivity. Current, which acquired controls provider Daintree Networks earlier this year, is integrating intelligence via infrastructure like LEDs, and its new app harnesses the power of data beyond energy savings.
Customers across a variety of industries are already realizing the energy-saving potential of this intelligent app, with pilot installations for customers already underway.
"At McDonald's, we aspire to deliver exceptional service for both our internal and external customers. We are always interested in technologies that can improve our capabilities and operational KPIs while enhancing the customer experience," said James Floyd, V.P.- U.S. Operations, McDonald's Corporation. "Current's EMS tool provides actionable analytics around energy use, but also offers insights into additional dimensions that enhance our customers experience. This intelligence provides infinite possibilities that include optimizing labor, reducing operational tension and improving overall efficiencies and effectiveness at the restaurants, all while creating sustainable, profitable growth. By benchmarking 'Best in Class' companies like GE and Current, we generate thinking that leads to new growth and provides us a competitive advantage in the industry."
The new energy management software is also being piloted with Simon Property Group, a global leader in retail real estate ownership, management and development for shopping malls retail properties across the U.S.
"This connected, real-time view of how, when and where energy is being used enables our site managers to take actions to reduce and shift energy away from the grid during peak periods, saving significant monthly costs," said Michael Romstad, Executive Vice President of Property Management for Simon Property Group. "We've already installed efficient solutions such as LEDs at several Simon properties, which are providing significant energy savings and significantly better lighting levels. We estimate the energy management solution will help us reduce consumption across the board at The Westchester mall by about 20 percent."
The intelligent energy application was introduced during Minds + Machines, GE's premier event for the digital industrial sector. For more information, visit www.currentbyge.com/
SOURCE Current, powered by GE
Article Date
11/15/2016BP And GE Launch New Offshore Digital Technology With Plans To Deploy Globally
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
SAN FRANCISCO, Nov. 15, 2016 /PRNewswire/ -- BP (NYSE: BP) and GE (NYSE: GE) today announced the start-up of Plant Operations Advisor (POA), a new digital solution designed to improve the efficiency, reliability and safety of BP's oil and gas production operations. Plant Operations Advisor is already helping BP manage the performance of one of its platforms in the Gulf of Mexico and, subject to a successful pilot, it will be deployed next year to other BP facilities around the world.
The tool, built on GE's Predix operating system, was created as part of a development partnership the two companies announced in January.
"BP gravitates toward new technologies, especially digital, and that makes working with them particularly exciting," said Lorenzo Simonelli, president and CEO, GE Oil & Gas. "We are taking a big step forward together during this time of digital transformation, deploying what we've co-created over the past year to drive the kind of productivity improvements that the oil and gas industry needs. The global deployment is expected to be the largest-scale deployment of GE's Predixpowered APM technology to date."
Plant Operations Advisor will help prevent unplanned downtime and improve facility reliability by helping engineering teams respond quickly to issues as they occur in real-time.
"By bringing together some of the best minds at GE and BP, we were able to develop this innovative digital product and are confident that it will have a significant impact on our business," said Ahmed Hashmi, BP's Head of Upstream Technology. "When fully deployed, these advanced digital technologies will change the way we work and improve the integrity and performance of our assets around the globe."
Using GE's Predix and Asset Performance Management (APM) capabilities, POA rapidly integrates operational data from producing oil and gas facilities to deliver notifications and analytical reports to engineers so they can identify operational performance issues before they become significant.
The system provides simplified access to a variety of live data feeds and includes visualization capabilities including a real-time facility threat display. It also incorporates an extensive case management capability to support learnings from prior operational issues.
GE intends to offer this technology, which combines big data, cloud hosting, and analytics on both individual pieces of equipment as well as the entire production system, as an APM solution that will be available to the industry.
About BP:
Over the past 10 years, BP has invested more than $90 billion in the U.S. – more than any other energy company. BP is a leading producer of oil and gas and produces enough energy annually to light nearly the entire country for a year. Employing about 14,000 people across the country, BP supports more than 130,000 additional jobs through all of its business activities.
About GE
GE (NYSE:GE) is the world's Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com
About GE Oil & Gas
GE Oil & Gas is inventing the next industrial era in the oil and gas sector. In our labs and factories, and in the field, we constantly push the boundaries of technology to solve today's toughest operational & commercial challenges. We have the skills, knowledge and technical expertise to bring together the physical and digital worlds to fuel the future. Follow GE Oil & Gas on Twitter @GE_OilandGas or visit us at www.geoilandgas.com
SOURCE GE Oil & Gas
Article Date
11/15/20166/6/2016 - Qingdao Haier Acquires GE Appliances
Qingdao Haier Acquires GE Appliances
Source: PR Newswire
QINGDAO, China, June 6, 2016 /PRNewswire/ -- Qingdao Haier Co., Ltd. (SHA: 600690; "Qingdao Haier"), a Shanghai stock exchange listed company that is 41% owned by Haier Group ("Haier") and General Electric Company (NYSE: GE; "GE") today announced the signing of closing documents for Qingdao Haier's acquisition of GE Appliances from General Electric. Today marks the beginning of GE Appliances being part of Qingdao Haier.
As previously announced, GE Appliances will continue to be headquartered in Louisville, Kentucky and operated independently under the day to day direction of the current management team. A board of directors, with representatives from the senior leadership teams of Qingdao Haier and GE Appliances, and two independent directors, will help guide the strategy and operations of the business.
Mr. Zhang Ruimin, Chairman and CEO of Haier Group, said: "Haier and GE Appliances have always sought to adapt to changing times and customer preferences. We share the same vision of the future and, by acquiring GE Appliances, both companies will be able to achieve significant synergies. Haier is on an exciting journey as it transforms itself into a true 'Internet enterprise', which fosters and cultivates innovation and customer choice. GE Appliances has great employees and a strong global customer base and I am confident that, together, we will be able to embrace the digital era and offer customers the best possible choice and service now and in the future."
Mr. Liang Haishan, Chairman of Qingdao Haier, said: "Today's announcement is positive news for employees, customers, business partners and shareholders. Investing and growing in the U.S. is a key part of Haier's strategy and the acquisition of GE Appliances will help us accelerate that expansion. We have great respect for and trust in GE Appliances' talented management team and we look forward to working closely together to create a truly global leader in the design and manufacture of innovative, high-quality home appliances."
Mr. Chip Blankenship, President and CEO of GE Appliances, said: "We are excited to become an important part of a global appliance company. Haier loves appliances as much as we do and shares our goal to be the most competitive, innovative and customer-focused company in the world. Together we will find new and better ways to help people improve their lives at home."
Today's announcement follows the previously announced Memorandum of Understanding between Haier Group and GE to cooperate globally and pursue joint growth projects in areas including advanced manufacturing, healthcare and Industrial Internet.
Advisors
Bank of America Merrill Lynch and PwC Corporate Finance are acting as financial advisers to Qingdao Haier. PwC Corporate Finance ran project management for the transaction. White & Case is acting as overseas legal adviser to Qingdao Haier. China International Capital Corporation Limited and King & Wood Mallesons are acting as independent financial advisers and domestic legal advisers to Qingdao Haier, respectively.
About Haier Group
Haier is the world's leading home appliance provider, with global revenues amounting to US$30.3 billion and profits of US$2.89 billion in 2015. Its mission is to create innovative home appliances that anticipate the fast-changing needs of consumers all around the world. Haier has been named the number one global home appliance brand every year for the last seven years by Euromonitor International, a world leader in strategy research for consumer markets, and in 2012 the Boston Consulting Group named Haier one of the ten most innovative companies in the world as well as the most innovative company in the consumer and retail category. Its global headquarters are based in the Chinese city of Qingdao and it also has regional headquarters in both Paris and New York to serve its clients in Europe and America. Haier also has 5 R&D centers, 66 trading companies and 21 industrial parks worldwide.
About Qingdao Haier
Qingdao Haier Co., also a subsidiary of Haier Group, is listed on the Shanghai Stock Exchange (SHA: 600690) and focuses on driving innovation in smart home technologies.
About GE Appliances
GE Appliances, a Haier company, makes moments that matter for our owners through our passion for making great appliances and providing unparalleled services. We make with our hands, heads and hearts. We make with integrity, inventiveness and ingenuity. For more than 125 years we have been creating a legacy of invention – we've electrified and modernized life, bringing convenience and fun to kitchens. GE Appliances' products include refrigerators, freezers, cooking products, dishwashers, washers, dryers, air conditioners, water filtration systems and water heaters. For more information on GE Appliances, visit www.geappliances.com.
Disclaimers
This press release, as Haier Group's introduction of this transaction, does not constitute any supplement, amendment or adjustment to any public announcement made by Qingdao Haier with respect to this transaction; for any information relating to Qingdao Haier and this transaction, please refer to the public announcements made by Qingdao Haier on Shanghai Stock Exchange. This press release does not constitute any representation, warranty, business performance commitment or guarantee of Haier Group or Qingdao Haier in respect of the target assets of this transaction, nor does it constitute any recommendation, offer or invitation, express or implied, for any individual or entity to purchase any securities of Qingdao Haier. Any forward-looking statement contained in this press release, which may involves the company's development strategy, finance, business performance and operation plan, is based on certain hypothesis and is subject to certain risks and uncertainties, many of which are beyond the company's control and are difficult to predict. Therefore, actual outcomes and results may be materially different from or even opposite to what is expressed or forecasted in such forward-looking statement. Such forward-looking statement does not constitute any commitment or binding obligation of Haier Group and Qingdao Haier, including any obligation to update any statement contained in this press release.
FOR FURTHER INFORMATION PLEASE CONTACT:
FOR HAIER
Brunswick, Communications Advisors to Haier
Emma Schultz, Brunswick, 202.393.7337
eschultz@brunswickgroup.com
Alex Finnegan, Brunswick, 202.393.7337
afinnegan@brunswickgroup.com
FOR GE APPLIANCES
Kim Freeman, 502.452.7819
Kim_freeman@ge.com
FOR GE
Jennifer Erickson, 646.682.5648
jennifer.erickson@ge.com
SOURCE Qingdao Haier Co., Ltd.
Article Date
6/6/20164/25/2016 - Current, powered by GE, Grows Intelligent Environments App Catalog, Unlocks Digital Outcomes in Three Cities
Current, powered by GE, Grows Intelligent Environments App Catalog, Unlocks Digital Outcomes in Three Cities
Source: PR Newswire
BOSTON, April 25, 2016 /PRNewswire/ -- To accelerate digital outcomes and use cases for commercial, industrial and municipal users, Current, powered by GE (NYSE: GE), is adding 15 partners and microservices to its open Intelligent Environments ecosystem. The growth in the company's app catalog and digital capabilities comes as Current deploys intelligent LED infrastructure in three cities – Tianjin, China; Schenectady, New York; and Cleveland – and on the heels of the company's acquisition of Daintree Networks, an enterprise IoT provider of building controls solutions for small and medium commercial facilities.
"The next wave of innovation will be led by those who embrace digital infrastructure to drive new and meaningful outcomes," says John Gordon, Chief Digital Officer, Current, powered by GE. "In terms of physical infrastructure, no other platform compares to the ubiquitous nature of lighting and the potential LEDs offer to the commercial and industrial world as the digital platform for industry. Deploying intelligent LEDs coupled with sensors, software and scalable access to GE's Predix platform provides the foundation for that innovation."
Intelligent Environments App Economy
To facilitate data-informed app and software development and outcomes at an enterprise and city level, Current is launching six microservices against its intelligent LEDs and GE's Predix cloud platform. These architectures will drive data interactions relative to temperature, occupancy, ambient light sensing, pedestrian planning, parking, traffic and public safety.
At the same time, Current is bringing capabilities from the global app development community and trusted providers as add-ons to intelligent LED infrastructure. Customers will be able to pick and choose the capabilities they want in their solution to solve for unique challenges and bring their own app partners and developers to innovate solutions against Current's Intelligent LEDs and Predix.
In addition to previously announced collaborations with AT&T, Capgemini, Intel, Qualcomm and Shotspotter, Current's ecosystem of application vendors and system integrators now includes:
Intelligent Enterprises Partners
Intelligent Cities Partners
In addition to these collaborations, Current will host two upcoming hackathons to continue to deepen its Intelligent Environments app catalog. The first will tap into developers at the IoT World Conference and the second will be part of a virtual, public Hackathon starting May 16.
Intelligent Installations
In addition to the growth of its app catalog, Current is actively working with commercial, industrial and municipal customers across the world on intelligent infrastructure deployment.
Tianjin, China; Schenectady, New York; and Cleveland are the latest cities to install Current's energy-saving, intelligent LED street lights armed with sensors, software and other digital-data capabilities as their core infrastructure for digital growth.
Tianjin, China, is the first city in Asia to partner with Current to install intelligent LEDs with intelligent capabilities in one of their central business districts. The intelligent street lights build on features such as security cameras, routers for free Wi-Fi or digital screens that allow the city to broadcast critical messages, such as traffic reports.
Schenectady, New York, will install Current's intelligent streetlights downtown as part of its smart cities vision, which is designed to take advantage of new technology to improve the city's economic development and quality of life, and will be part of a living lab that allows the city's innovation team to study data to find new and innovative ways to service the city, its residents and its business community.
The City of Cleveland is in the process of installing several dozen intelligent LED fixtures downtown to explore parking optimization and pedestrian safety crossing in high-traffic areas, as well as other potential outcomes. The installation comes as the city is making updates to infrastructure across town in preparation for the RNC this summer.
About GE
GE (NYSE:GE) is the world's Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com
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SOURCE Current, powered by GE
Article Date
4/25/20164/21/2016 - Current, Powered By GE, Acquires Daintree Networks To Transform Buildings From Idle To Intelligent
Current, Powered By GE, Acquires Daintree Networks To Transform Buildings From Idle To Intelligent
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
BOSTON, April 21, 2016 /PRNewswire/ -- Today Current, powered by GE (NYSE: GE), announced the acquisition of Daintree Networks, an Industrial Internet provider of building controls solutions for commercial facilities. This acquisition will enable Current to expand its building automation platform and its energy-as-a-service offering to small- and medium-size facilities through the deployment of Daintree's open, standards-based wireless control systems.
Today, 90 percent of the world's small- to mid-sized buildings do not have building automation systems. Integrating Daintree Networks' open-standard networked wireless control solution, ControlScope, into Current's building automation portfolio addresses that problem. The joint solution links data from lighting and HVAC systems directly to Predix, GE's Industrial Internet software platform – allowing customers to analyze their energy consumption and identify data patterns to increase efficiency and reduce power levels. Fortune 500 and mid-size enterprises across North America, including Universal Music Group, the Salk Institute, and National Bank of Arizona use Daintree technology to manage over one million lights, thermostats, and sensors in office, retail and industrial locations, delivering monthly lighting and HVAC energy cost savings of up to 60%.
"By combining Daintree's open-standard control and sensing technology with GE's Predix platform, Current's building automation platform and its energy-as-a-service offerings, we'll deliver the industry's first next-generation, scalable cloud-based energy management and facilities optimization platform for every building type and size," said Maryrose Sylvester, President and CEO of Current, powered by GE. "Our combined strengths will help customers, big or small, achieve a reduced carbon footprint and increased energy savings, and provide a solution for ecosystem partners to grow."
This acquisition brings to Current an extensive ecosystem of value-added resellers, system integrators and device partners with long-standing experience in helping enterprises deploy and optimize ControlScope in commercial, retail and industrial environments. Built to established open protocol standards, Daintree's ControlScope technology can be deployed wirelessly and securely in almost any enterprise and ensure interoperability between products offered by multiple device vendors.
The acquisition comes just six months after the formation of Current, a first-of-its-kind energy start-up within GE that integrates GE's LED and onsite power businesses with GE's industrial strength Predix platform to deliver the most cost effective energy management platform required by customers today and in the future. GE's Predix platform is open, flexible, and securely connects multiple third party devices and assets to the Industrial Internet.
"Daintree has been in the enterprise IoT space for a long time, so we are excited to join Current in bringing customers an enhanced lighting and energy management solution that can be applied to a wide range of buildings including grocery stores, neighborhood banks and office environments," says Derek Proudian, CEO of Daintree Networks. "Through this integration, we will help our customers achieve the promise of the Industrial Internet: greater control, lower maintenance costs and increased operational efficiencies."
Upon completion of the acquisition, Current will integrate Daintree's employees in California, Australia and Massachusetts into its structure.
About GE
GE (NYSE:GE) is the world's Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com
About Daintree Networks, Inc.
Daintree Networks® leads the market in smart building control, sensing, and Enterprise Internet of Things™ (E-IoT™) applications. ControlScope®, the company's open networked wireless solution for lighting and building control, monitoring, and optimization, reduces energy and operating costs, improves the occupant experience, increases business productivity and scales to manage a large portfolio of buildings. Leveraging an open system architecture and an expanding ecosystem of certified lighting, building, and software partners, ControlScope also serves as a platform for best-of-breed applications such as facility and asset management, space planning, and more. Daintree is headquartered in Silicon Valley, California. More information is available at daintree.net.
SOURCE Current, powered by GE
Article Date
4/21/2016Competitive Power Ventures and GE Energy Financial Services Close Financing on 785MW CPV Towantic Energy Center in Oxford, Connecticut
Source: PR Newswire
BRAINTREE, Mass., March 11, 2016 /PRNewswire/ -- Competitive Power Ventures ("CPV") and GE unit (NYSE: GE) GE Energy Financial Services announced today they have closed financing on the 785 megawatt ("MW") CPV Towantic Energy Center ("CPV Towantic") in the Western Connecticut town of Oxford. This is CPV's second successful project financing since being acquired by Global Infrastructure Partners in May 2015.
The approximate $753 million debt financing, led by MUFG Union Bank, N.A., Credit Agricole Corporate and Investment Bank, and CIT Bank, N.A., was arranged with a total of sixteen lenders participating in the financing. The consortium of lenders is comprised of long-standing CPV relationship-based lenders as well as a few lenders for whom CPV Towantic represents their first investment in the U.S. power generation markets.
"We are grateful to the Malloy administration, the many Connecticut agencies involved and the scores of staff for all their hard work in reviewing and approving the CPV Towantic project," said Gary Lambert, CPV President and CEO. "We'd also like to express our deep appreciation to our many supporters and the government of the Town of Oxford and neighboring towns that supported the project over the years for their input and hard work."
Paul Buckovich, CPV's Chief Financial Officer, noted, "The depth and breadth of support from the project finance lending community is a testament to CPV Towantic's strong sponsorship by Global Infrastructure Partners and GE Energy Financial Services, its appropriately structured credit profile anchored by a seven-year capacity commitment with ISO-New England, and CPV's proven track record of successfully developing highly efficient, advanced technology-based power generation facilities to meet market needs."
David Nason, President & CEO of GE Energy Financial Services, added, "CPV Towantic represents a significant investment alongside a valued partner and is permitted to introduce GE's advanced, high efficiency HA power generation technology to the New England region."
CPV Towantic has obtained permits to be powered by two of GE's 7HA heavy-duty gas turbines with a steam turbine and associated generators. The 785-MW combined cycle plant will be able to provide the equivalent power needed to supply approximately 800,000 US homes. GE's 7HA technology is the world's largest, most efficient 60 Hz gas turbine. It provides the high power density, fuel flexibility, lower emissions and fast ramping to complement the intermittent nature of renewable energy. The plant will be fueled by natural gas from the Algonquin Interstate Pipeline and will utilize ultra-low sulfur distillate as a backup fuel. Electrical interconnection will be at Connecticut Light & Power's 115kV circuit between Baldwin Junction and Beacon Falls. Gemma Power Systems was selected as the Engineering Procurement and Construction contractor that will oversee construction of the project.
CPV Towantic was originally approved by the Connecticut Siting Council in 1999 as a 512 MW project, but was not built due to market conditions. CPV entered into a partnership with GE Energy Financial Services in 2012 to advance the project and its competitiveness in the marketplace. In 2014, New England's grid operator (ISO-New England) announced the retirement of approximately ten percent of the region's total electric generating capacity. With more expected in the years to come CPV Towantic is ideally-suited to help meet this growing need.
CPV Towantic represents one of the largest private-sector infrastructure projects in the state. A study by the University of Connecticut's Connecticut Center for Economic Analysis (CCEA) projects construction and operation of CPV Towantic will generate more than $7.9 billion in new personal income for Connecticut residents over the next 25 years and will create, at its peak in the construction phase, more than 2,300 positions. During its operating life, CCEA projects CPV Towantic will generate approximately 1,800 new jobs, a measurable increase of approximately 0.1 percent in Connecticut's total employment.
"This is a great project and we are proud to be a part of it," said Dave Roche, President of the Connecticut State Building Trades Council. "CPV is an excellent partner to labor on this and many other projects across the U.S."
CPV Towantic Energy Center
Located on a secluded 26-acre site in the Woodruff Hill Industrial Park in Oxford, Connecticut, the state-of-the-art CPV Towantic Energy Center will use clean natural gas to create electricity to power over 750,000 Connecticut homes. The facility will employ dry-cooling and the most advanced natural gas turbine and environmental control technology. It will be one of the cleanest conventional electric generating projects in the world when it comes on-line in 2018. For more: www.cpvtowantic.com.
CPV: Energizing North America's Future
CPV is dedicated to increasing America's sustainability; both economically and environmentally. Using domestically-available energy sources, like wind and natural gas, and partnering with host communities to support their tax base and school districts, CPV works to stabilize and improve local and state economies. CPV's corporate mission is built around a belief that progressive companies can be powerful agents of change for a better world and a cleaner environment. To this end, we have focused our core activities around developing and operating energy facilities that can make a significant difference in improving the environments and economic well-being of a region. Headquartered in Silver Spring, MD, with offices in Braintree, MA, and San Francisco, CA the company currently has over 6,700 MW of conventional generation projects in various stages of development across North America. The company's Asset Management division has ramped up to more than 4,000 MWs of natural gas generation and wind power under management. In addition, CPV Renewable Energy Company is currently developing multiple wind power projects across North America. Find out more at www.cpv.com. Follow CPV on Twitter: @CPVEnergy.
About GE
GE (NYSE: GE) is the world's Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com
About GE Energy Financial Services
GE Energy Financial Services-GE's energy investing business-works as a builder, not just a banker, to help meet the world's power and fuel needs. We offer more than money-expertise for essential, long-lived and capital-intensive power, oil and gas infrastructure-GE's core business. Drawing on GE's energy technical know-how, financial strength and risk management, we see value where others don't and take on our customers' toughest challenges with flexible equity and debt transaction structures. More Information:www.geenergyfinancialservices.com. Follow GE Energy Financial Services on Twitter:@GEEnergyFinServ
About GE Power
GE Power is a world leader in power generation with deep domain expertise to help customers deliver electricity from a wide spectrum of fuel sources. We are transforming the electricity industry with the digital power plant, the world's largest and most efficient gas turbine, full balance of plant, upgrade and service solutions as well as our data-leveraging software. Our innovative technologies and digital offerings help make power more affordable, reliable, accessible and sustainable.
For more information, visit the company's website at www.gepower.com and http://powergen.gepower.com.
Follow GE Power and GE Gas Power Systems on Twitter @GE_Power and @GE_GasPower.
Photo - http://photos.prnewswire.com/prnh/20160311/343269
SOURCE Competitive Power Ventures
Article Date
3/11/20162/18/2016 - Current, powered by GE, and JPMorgan Chase & Co. Collaborate on World's Largest LED Installation
Current, powered by GE, and JPMorgan Chase & Co. Collaborate on World's Largest LED Installation
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
NEW YORK, Feb. 18, 2016 /PRNewswire/ -- Current, powered by GE (NYSE:GE), today announced a deal with JPMorgan Chase & Co. (NYSE: JPM) to install LED lighting across most of Chase's U.S. branches. Potentially spanning 25 million square feet across roughly 5,000 branches, the project is the world's largest single-order LED installation to date.
Current estimates that, once completed, the project could reduce the branches' lighting-related energy use by more than 50 percent– equal to taking nearly 27,000 cars off the road.
"We are always looking for better ways to manage our branches in an efficient and sustainable manner," said Barry Sommers, CEO of Chase Consumer Banking. "This helps us deliver on that goal by reducing the energy we use in the communities we serve."
The announcement comes just four months after the formation of Current, a first-of-its-kind energy start-up within GE that integrates GE's LED, Solar, Energy Storage and Electric Vehicle businesses with its industrial strength software platform, Predix.
"LED commercial usage is anticipated to grow from 28 percent today to 95 percent by 2025, unlocking tremendous value for our customers to reduce energy cost and complexity in commercial enterprises," said Maryrose Sylvester, President and CEO of Current. "Chase understands this shift and is a frontrunner in leading the transformative change in distributed energy by leveraging LEDs to optimize energy efficiency."
Leaders from Chase and Current celebrated the project by ringing the closing bell of the New York Stock Exchange on February 18, alongside six other companies working with Current on energy-saving projects, including Hilton Worldwide and Hospital Corporation of America.
Enabling Intelligent Environments
Current announced an intended agreement with Capgemini to unleash more than 200 developers on Predix, which opened for general availability this week. The developers will be focused on creating software solutions that will help commercial and industrial customers reduce power consumption, generate power onsite, and drive new revenue streams through the use of sensors and networked systems in buildings and cities.
To accelerate municipal adoption of intelligent infrastructure within cities, Current announced a commercial agreement with Intel to partner on Intelligent City proposals and opportunities. Current's intelligent streetlamps will also be built using the Intel® IoT Platform, an edge to cloud reference architecture with hardware and software building blocks from Intel. The Intel products will process large and evolving data loads quickly with the reliability and flexibility demanded by cities today.
"Populations in cities around the world are growing exponentially, and forward-looking municipal leaders are turning to digital technologies to improve the economic and environmental health of their cities," said Sylvester. "Through our collaboration with Intel we will accelerate the development of intelligent technologies to help cities pull and access data in ways they haven't before to solve challenges and create new opportunities for both city workers and residents."
These partnerships build on the existing ecosystem Current has begun to build in the Intelligent Cities space by partnering with leaders like AT&T and ShotSpotter.
Building the App Economy for Intelligent Buildings
To create an industrial app economy for intelligent buildings and cities, Current is tapping into the global developer community. The company received more than 100 sensor and application ideas from 13 countries for its intelligent LED lighting as part of a one-week idea generation challenge with TopCoder. The contest sought ideas that brought together lighting hardware, sensors and a personalized user experience in various intelligent environments, like retail, commercial offices and more.
Winning ideas, which were chosen to seed themes for potential development, include a conference room management app for enterprise that can instantly reserve meeting space based on an individual's location in a building and calendar commitments; a retail app that alerts shoppers to clothing options based on body type, cost and size availability; and an event app that allows sports enthusiasts to instantly identify available parking options, receive alerts on public transportation options based on traffic patterns, suggest food and drink vendors in proximity to seat location at a venue, and more.
About GE
GE (NYSE:GE) is the world's Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com
Photo - http://photos.prnewswire.com/prnh/20160218/334856-INFO
SOURCE Current
Article Date
2/18/2016Diamond Offshore and GE Oil & Gas Enter into Industry's First Performance-Based Subsea Blowout Preventer Service Agreement
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Feb. 8, 2016 /PRNewswire/ -- Diamond Offshore Drilling, Inc. (NYSE: DO) and GE Oil & Gas (NYSE: GE) today announced the offshore drilling industry's first-of-its-kind contractual service agreement (CSA) that transfers full accountability for BOP performance to GE Oil & Gas. In this Pressure Control by the Hour™ model, Diamond Offshore will compensate GE Oil & Gas only when the BOP is available. This 10-year collaborative arrangement for GE's engageDrilling™ Services showcases a new way of thinking to drive continuous improvement in deepwater drilling.
The arrangement will include GE purchasing the BOP systems aboard Diamond Offshore's four drillships, currently located in the U.S. Gulf of Mexico, for a total of $210 million.
"Subsea equipment repair and maintenance is the single largest cause of nonproductive time across our industry, resulting in great expense to both drillers and operators," said Marc Edwards, President and CEO of Diamond Offshore. "In today's market, we have to make the economics of offshore drilling more competitive for our clients. The purpose of our new Pressure Control by the Hour service model is to incentivize all parties to prioritize equipment reliability and availability for the ultimate benefit of our customers."
"To deliver a solution that improves drilling efficiency now and in the future, collaboration is essential," said Lorenzo Simonelli, President and CEO, GE Oil & Gas. "We are changing the game by building the new blowout preventer service model for the industry. With improved control, maintenance and servicing of our equipment, we are putting skin in the game and guaranteeing performance."
The GE Oil & Gas engageDrilling™ Services offering enhances BOP system availability by transferring the maintenance and service of pressure control equipment to GE Oil & Gas. This includes on-rig GE Oil & Gas personnel, management of parts, overhaul and repair, continuous certification, data monitoring, and management of change. This new arrangement is a performance-based alliance that leverages the scale of GE data, predictive analytics, insights and continuous certification, positioning GE as a long-term commercial, operational and technical partner.
Under the new service model, Diamond Offshore will begin capturing data through GE's monitoring and analytics solutions. Over time, this will enable condition-based monitoring and maintenance, which will drive proactive decision-making and planning to address the requirements of industry standards for drilling systems. By transferring the maintenance and service of well control equipment to GE Oil & Gas, Diamond Offshore is simplifying operations and optimizing between well maintenance to reduce the frequency and duration of downtime.
"This is a key part of GE's business strategy to collaborate with drilling contractors and operators to push the boundaries of our industry," said Simonelli. "Our new CSA model addresses the current needs of drilling companies, and establishes the roadmap for smart, predictive, condition-based services and maintenance in our digital-industrial future."
"We look forward to partnering with GE Oil & Gas to lead the way forward in our industry," said Edwards. "By combining Diamond Offshore's operational excellence with the guaranteed performance of GE's BOPs, we are increasing our competitiveness in the market."
About Diamond Offshore
Diamond Offshore is a leader in offshore drilling, providing contract drilling services to the energy industry around the globe. Additional information and access to the Company's SEC filings are available at www.diamondoffshore.com. Diamond Offshore is owned 53% by Loews Corporation (NYSE: L).
About GE
GE (NYSE: GE) is the world's Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com
About GE Oil & Gas
GE Oil & Gas is inventing the next industrial era in the oil and gas sector. In our labs and factories, and in the field, we constantly push the boundaries of technology to solve today's toughest operational & commercial challenges. We have the skills, knowledge and technical expertise to bring together the physical and digital worlds to fuel the future. Follow @GE_OilandGas.
Forward-Looking Statements
Statements contained in this press release that are not historical facts are "forward-looking statements" within the meaning of the federal securities laws. Such statements include, but are not limited to, statements concerning expected results or benefits to be achieved from the contract and arrangement, timing of application to specific drilling units, expectations of future costs and performance and other statements that are not of historical fact. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by management of the companies. A discussion of the important risk factors and other considerations that could materially impact these matters as well as the companies' overall businesses and financial performances can be found in each company's respective reports filed with the Securities and Exchange Commission, and readers of this press release are urged to review those reports carefully when considering these forward-looking statements. Copies of these reports are available through each company's website. These risk factors for Diamond Offshore include, among others, risks associated with worldwide demand for drilling services, level of activity in the oil and gas industry, renewing or replacing expired or terminated contracts, contract cancellations and terminations, maintenance and realization of backlog, competition and industry fleet capacity, impairments and retirements, operating risks, regulatory initiatives and compliance with governmental regulations, casualty losses, and various other factors, many of which are beyond the Company's control. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of this press release. Diamond Offshore expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.
Contacts:
Diamond Offshore Drilling
Darren Daugherty
Director, Investor Relations
(281) 492-5370
GE Oil & Gas
Lindsey Benton
External Affairs Leader
(832) 506-8974
Logo - http://photos.prnewswire.com/prnh/20130725/NY53104LOGO-b
Logo - http://photos.prnewswire.com/prnh/20160205/330310LOGO
SOURCE Diamond Offshore Drilling, Inc.; GE
Article Date
2/8/2016Projects & Assets
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