GE's clean energy arm sees strong Mideast growth
GE ecomagination VP says region is fastest growing market
Ecomagination, General Electric’s green technology unit, recorded 20% growth in the Middle East last year, its fastest growing market, its vice president told Arabian Business in an interview at the World Future Energy Summit in Abu Dhabi last week.
“We are growing faster here than in many regions throughout the world,” Mark Vachon, vice president of GE ecomagination said. “I think the growth rate is over 20% [in the Middle East region].”
Set up in May 2005, GE ecomagination has already generated revenues of around US$20 billion for its US-based parent company.
With around 100 products in its portfolio, from wind turbines to dual system batteries, Vachon said he sees a lot of potential in the region for solar power technology.
While he believed it was still “early days” for the Middle East’s fledgling renewal energy market, Vachon said the company sees some very exciting developments.
“I would expect to see [the solar power sector] accelerating fairly significantly. I have had discussions with folks in Qatar in the last few days and they see real opportunities there to actually be the energy source for water desalination that will be used in agriculture,” he said.
GE said in June last year it will invest $10 billion in environmentally-friendly products by 2015, double the amount it spent in the past five years.