Agreement between Google and General Electrics

Agreement between Google and General Electrics

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Google has partnered with the multinational General Electric to develop a "smart" electricity grid and promote clean energy. Both companies want renewable energy to be more accessible and useful.

In a joint statement they stated: "Our economic, environmental and security challenges require that we use electricity more efficiently and generate it from cleaner energy sources."

The plan was unveiled at Google's headquarters in Mountain View, California, where the company was holding its annual Zeitgeist, a gathering of top executives from around the world to discuss the most pressing issues of the 21st century.

Both GE and Google said they will use all their means of lobbying in Washington to try to persuade politicians to promote major changes in energy policies.

The statement of both companies indicates that "politics is the main impediment to the construction of an electricity system for the 21st century."
According to GE CEO Jeff Immelt, "the market needs a little catalyst from the government" for corporate money to start flowing in that direction.

In an interview during the meeting, Google CEO Eric Schmidt questioned Immelt about GE's decision to focus on green technologies under the initiative known as "Ecomagination."

GE is currently a major player in the wind energy sector and is participating in the development of hybrid locomotives, water reuse solutions and photovoltaic cells.

The GE executive admitted to the audience that his company's green plan did not receive approval from many sectors of the business when it was first presented in 2005. something of that type ”.

According to Immelt, the initiative has paid off, as sales of products and services in these fields have increased from about $ 4-5 billion at launch to $ 18 billion annually.

Google is also involved in clean energy initiatives such as electricity generated by wind, solar or geothermal energy.

"We believe that by combining our efforts along with those of other major companies and industries, we can achieve fundamental policy change in Washington and develop new technologies and services for consumers."

Source: BBC Technology

Video: General Electric - Should We Buy GE Stock? is GE Stock a Good Buy Today? (July 2022).


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