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