Joining with MIT Energy Initiative (MITEI), GE announced it will commit $7.5 million to fund advanced technology solutions to help transform global energy systems.
The fund will be spread over a five-year period at $1.5 million annually.
The MIT Energy Initiative is MIT’s hub for energy research, education, and outreach. MITEI links world-class academic research teams with industry and government to respond to specific energy challenges.
Specifically, GE will participate in four of MITEI’s Low-Carbon Energy Centers to advance research and development (R&D) in key technology areas for meeting future energy needs: solar energy; energy storage; electric power systems; and carbon capture, utilization and storage.
The world will need 50 percent more power in the next 20 years,” said Steve Bolze, president and CEO of GE Power.
GE will participate in supporting MIT faculty and student research through MITEI. Several GE customers are also members working with the initiative, including EDF, Exelon Corporation and Duke Energy.
The initiative will involve all of GE’s energy-related businesses: GE Power, GE Renewable Energy, GE Oil & Gas, GE Energy Connections, GE’s Global Research Center, GE Global Growth & Operations, GE Ventures, and Current, powered by GE.
GE will sponsor research programs at MITEI, contribute to MITEI’s Seed Fund to support novel and early-stage energy research proposals and participate in several conferences and learning opportunities each year.
“GE’s support as a Sustaining Member and engagement in MITEI’s Low-Carbon Energy Centers will be extremely valuable in spurring further technology advancements to address complex energy and climate challenges—areas where GE’s wealth of expertise and history of developing solutions dovetail with MIT’s research,” said Robert Armstrong, director of MITEI.
MITEI’s Low-Carbon Energy Centers, announced last fall as a key component of MIT’s Plan for Action on Climate Change, represent a major part of MIT’s commitment to address climate change through engagement with industry, government and the philanthropic community.
GE is in the process of building its new global headquarters campus in Boston’s Fort Point neighborhood. Today’s announcement continues GE’s investment and engagement in the Boston area, the company said. GE selected Boston because of its innovation, talent and infrastructure, as well as the strong ecosystem of companies, universities, start-ups and R&D resources the city hosts.
Image courtesy: http://energy.mit.edu