Calgary, Canada, July 8, 2014 -- GE
(NYSE: GE) today announced the launch of an up to CAD$1 million ecomagination open
innovation challenge to help accelerate technology development in Canada's oil
sands. The Innovation Challenge will target two of the biggest opportunities to
reduce green-house gas (GHG) emissions in the oil sands: new uses for waste
heat and improved efficiency of steam generation.
GE is calling for the best global minds, within and outside
the industry, to help develop solutions that can be scaled and commercialized
within the industry. The Challenge is in two parts, with submissions due
September 30, 2014 and March 15, 2015 respectively. Winners of the Challenge can
potentially share up to CAD$1 million in seed funding to further develop and
commercialize the proposed solutions and will be eligible to become a supplier
or contractor to GE on future projects.
Canada's oil sands are the third largest oil reserves in the
world, next to Saudi Arabia and Venezuela, and represent a significant source
of secure energy for global markets. Oil sands production is expected to grow
substantially over the next 20 years, driving increased efforts for
collaboration to accelerate the development of technology that will reduce GHG
emissions.
Deb Frodl, global executive director, ecomagination said, "Ecomagination
has always been about helping our customers be more efficient and productive.
The opportunity is large in the oil sands. By bringing together the best
scientists, technologies and companies from around the world, we believe we can
accelerate innovation and bring solutions to market faster."
"Collaboration is key to solving big challenges," notes
Elyse Allan, President and CEO GE Canada. "GE recognizes that by working
together, we can develop technology that will enable ongoing, responsible
development of Canada's oil resources---an important driver of the country's
economy and future prosperity."
Strategic advisors for the GHG ecomagination
Innovation Challenge include Canada's Oil Sands Innovation Alliance (COSIA) and
Alberta Innovates -- Energy and Environment Solutions (AI-EES).
The winners of
the first part of the Challenge will be announced in January 2015. Entries
are now being accepted at www.geghgecochallenge.com.
Since its 2005 launch, ecomagination---the company's
commitment to technology solutions that save money and reduce environmental
impact for its customers and GE's own operations---has generated more than US$160
billion in revenue. GE's own operations have seen a 32 percent reduction in GHG
emissions since 2004 and a 45 percent reduction in freshwater use since 2006, realizing
US$300 million in savings.
This is the sixth ecomagination challenge; previous
challenges spanned the U.S., China, Australia and New Zealand, and the Middle
East. GE has a successful history with open innovation challenges; most
recently launching an innovation challenge to increase the energy efficiency of
seawater desalination, and a challenge to improve electrical distribution with innovative
designs for an ergonomic rotary handle accessory for its molded case circuit
breaker.
About GE
GE works on things that matter. The best people and the best technologies
taking on the toughest challenges. Finding solutions in energy, health and
home, transportation and finance. Building, powering, moving and curing the
world. Not just imagining. Doing. GE works. www.ge.com.
About COSIA
Canada's Oil Sands Innovation Alliance (COSIA) is an
alliance of oil sands producers focused on accelerating the pace of improvement
in environmental performance in Canada's oil sands through collaborative action
and innovation. www.cosia.ca.
About AI-EES
Alberta Innovates - Energy and Environment Solutions (AI-EES)
is the lead agency advancing energy and environmental technology innovation in
Alberta. AI-EES serves as a catalyst for the development of innovative,
integrated ways to convert Alberta's natural resources into market-ready,
environmentally responsible energy and the sustainable management of Alberta's
water resources. www.ai-ees.ca.
Contact Information
Megan Parker
GE Corporate
+1 646 682 5605
Kim Warburton
GE Canada
+1 416 561 8316