GE Expands Its Waste-to-Energy Capabilities, Acquiring Green Technology from Innovator Calnetix Power Solutions
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Move Allows GE's Jenbacher Gas Engine Business to enter $1 Billion Waste Heat Recovery Segment
JENBACH, Austria & STUART, Fla.--01 October 2010-- Further expanding its diverse portfolio of power generation technologies, GE (NYSE: GE) today announced the acquisition of substantially all of the assets of Calnetix Power Solutions (CPS), a Florida-based company that develops innovative technology for small-scale, waste heat to power projects. Recovering waste heat from industrial processes and using it to produce electricity is a rapidly growing trend in the global power industry offering high efficiency and a reduced carbon footprint.
CPS offers well-proven waste heat to power technology to generate electricity using the waste heat of various types of engines, biomass boilers and gas turbines. The acquired business will be integrated into GE's Jenbacher gas engine business, based in Jenbach, Austria. Today, much of the activity in the small-scale, waste heat recovery sector is centered in Europe.
"Alternative energy sources such as waste heat are growing in importance given the urgent global need for more efficient use of our limited resources. Acquiring CPS's technology gives us a tremendous opportunity to enter this very promising, small-scale waste heat to power segment with a competitive, fully commercialized offering. Because of its energy efficiency and zero emissions, we see this industry sector as a $1 billion global space with high growth opportunities," said Steve Bolze, president and CEO of GE Power & Water.
In addition to the CPS assets, GE also acquired certain underlying intellectual property from Calnetix, Inc., CPS's parent company. All of the acquired assets, along with GE's Jenbacher technical and distribution capabilities, will enable GE to provide advanced and comprehensive offerings for customers in the waste heat recovery power generation space.
"This suite of technology is a natural fit for our business," said Prady Iyyanki, CEO-gas engines for GE Power & Water. "By adding CPS's capabilities to our existing portfolio of turbines and engines using waste gases or other alternative energy sources, we are now well positioned to become the industry's waste heat to power expert."
GE's existing gas engine technology covers an output range of 0.25 to 4.4 megawatts and can operate on a broad variety of gases while offering high levels of efficiency, durability and reliability.
"The acquisition combines the strength of two leading high-efficiency, power generation technologies," said Brad Garner, president and CEO of Calnetix Power Solutions. "It opens the door for utilizing GE's diverse capabilities and resources to support and expand our technology. As proven through its earlier acquisitions of companies like Jenbacher and Enron Wind, GE is able to scale new power generation technologies quickly and effectively."
Since its acquisition by GE in 2003, GE's Jenbacher gas engine business has continued to expand its manufacturing capacity and technology offerings to meet the growing demands of the alternative energy industry. Several of GE's Jenbacher solutions are currently approved under ecomagination, GE's corporate-wide initiative to aggressively bring to market new technologies that will help customers meet pressing environmental challenges.
About Calnetix Power Solutions
Based in Stuart, Fla., Calnetix Power Solutions manufactures green, energy efficient waste heat recovery systems for renewable and distributed energy markets. Prior to its acquisition by GE, Calnetix Power Solutions was a wholly owned subsidiary of Calnetix, Inc. a privately held company headquartered in Yorba Linda, Calif.
About GE
GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world's toughest challenges. From aircraft engines and power generation to financial services, health care solutions and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's website at www.ge.com.
GE serves the energy sector by developing and deploying technology that helps make efficient use of natural resources. With nearly 85,000 global employees and 2009 revenues of $37 billion, GE Energy www.ge.com/energy is one of the world's leading suppliers of power generation and energy delivery technologies. The businesses that comprise GE Energy-GE Power & Water, GE Energy Services and GE Oil & Gas-work together to provide integrated product and service solutions in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; and other alternative fuels.
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