GE Power Conversion, a division of
General Electric Company
), recently signed new contracts with an unnamed company for
electric power and propulsion systems for two liquid natural gas
(LNG) carriers and an LNG Floating Storage Regasification Unit
(FSRU), bringing its tally of new contract wins to $80 million in
the last six-month period. To date, GE has secured contracts to
supply systems for 26 LNG carriers and five FSRUs.
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GE's combination of high power PWM technology based on insulated
gate bipolar transistors (IGBTs) together with robustly simple
induction motor technology offers important advantages to ship
owners. The advanced motor technologies are more consistent and
help in reducing maintenance costs, and improve the service
life. The high power pulse width modulation (PWM)
technology is a value addition for its customers.
Back-to-back contract wins have been a catalyst for GE Power
Conversion. The recent contracts from Hyundai Heavy Industries -
world's largest shipbuilder - and Daewoo Shipbuilding &
Marine Engineering (DSME) - another shipbuilder of Korea -
exhibit success of its innovative power and propulsion
technology. General Electric has deployed this technology to
develop induction motor for the marine industry for the past 15
years and is now applying this technology extensively in naval,
offshore, cruise ships and other diverse sectors.
General Electric is one of the most diversified technologies and
financial service corporations in the world. Its segments include
Power & Water, Oil & Gas, Energy Management, Aviation,
Healthcare, Transportation, Home & Business Solutions, and GE
Capital. GE Power & Water produces gas, steam and aero
derivative turbines; generators; combined cycle systems; and
renewable energy solutions, as well as provides water treatment
services and equipment. .
General Electric currently has a Zacks Rank #3 (Hold). Other
stocks that look promising and are worth a look now are
Honeywell International Inc
Macquarie Infrastructure Company LLC
), each carrying a Zacks Rank #2 (Buy).