General Electric Company (GE) recently signed an agreement with Green Waste Energy, a privately-held U.S.-based developer of Advanced Recycling and Energy Conversion plants, to supply Jenbacher J620 gas engines to generate renewable electricity. The gas engines will be utilized by one of its subsidiaries Green Waste Energy Development (GWED) for its waste–to-energy projects. GWED remains committed to use GE’s Jenbacher gas engines in the U.S., the U.K., Africa and Asia. The companies can renew the agreement after Dec 2013 on mutual approval.
GE’s Jenbacher gas engines are an integral part of GE’s ecomagination portfolio, which aims to provide products viable for the environment, have innovative power solutions and help in maximizing the resources with greater efficiency. The Jenbacher gas engines are cost-effective with reliable performance, greater efficiency and have impressive fuel flexible power solutions that promote regional energy security.
A medium size Advanced Recycling and Energy Conversion (AREC) plant has a daily capacity to convert 1,000 tons of solid waste into approximately 600-megawatt of electricity per day. This is sufficient to power 24,000 U.S. homes with cleaner electricity. With this agreement, GWED will be able to generate renewable electricity through its gas engines. GE’s gas engines are well suited to provide alternative energy solutions thereby meeting global energy goals for renewable power generation. Additionally, GWED signed an agreement with J.M. Clarke and Sons to build a waste-to-energy power facility at Pebble Hall in Theddingworth, U.K., which will use six Jenbacher J620 gas engines.
General Electric is one of the most diversified technologies and financial service corporations in the world. Its segments include Power & Water, Oil & Gas, Energy Management, Aviation, Healthcare, Transportation, Home & Business Solutions, and GE Capital. GE Power & Water produces gas, steam and aero derivative turbines; generators; combined cycle systems; and renewable energy solutions, as well as water treatment services and equipment.
General Electric currently has a Zacks Rank #4 (Sell). Other stocks that look promising and are worth a look now are Honeywell International Inc (HON), Macquarie Infrastructure Company LLC (MIC) and ITT Corporation (ITT), each carrying a Zacks Rank #2 (Buy).
GENL ELECTRIC (GE): Free Stock Analysis Report
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