GE Signs $3 Billion in New Orders
General Electric Co. (GE) has announced a series of new orders to its energy business totaling a whopping $3 billion. The deals are coming from all over the world and range from equipment for natural gas production to electrical grid technology.
"Energy technologies—from exploration to power generation—are in high demand by our customers, particularly in emerging markets," GE Vice Chairman John Krenicki said.
The deals include:
-$800 million in orders for wind and natural gas turbines in Brazil
-A $300 million contract for natural gas turbines and services at two Cairo, Egypt power plants
-An up to $230 million contract for oil and gas drilling and production equipment with Brazil’s OGX Petroleo e Gas
-A $40 million contract to provide BP with pumps and engines for oil operations in Iraq
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Other deals include countries like Indonesia, Italy, Ecuador, Canada and Australia, although the company has not publicly stated how much each of those deals is worth.
The agreements include providing tech support for a Royal Dutch Shell liquefied natural gas platform in western Australia. The company is also teaming with Anheuser-Busch InBev to promote energy and water efficiency at the company’s China facilities.
In early 2011, GE took on numerous acquisitions, including buying out companies like Converteam, turbine manufacturer Dresser Inc., petroleum services company Wellstream Holdings, Lineage Power Holdings and John Wood Group’s oil well support business.
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.