General Electric (NYSE: GE) is planning a huge push into cleantech, Steve Fludder, vice president of the company’s Ecomagination group said last week at the Cleantech Forum in San Francisco.
This includes expanded efforts in thin-film solar, carbon capture and sequestration (CCS), energy storage, organic LEDs, desalinization and just about every other sector of the industry, according to a Red Herring report.
The company plans to double R&D funding to $1.5 billion a year by 2010 and is committed to partnering with or acquiring startups.
Startups and venture capitalists were encouraged by the announcement, viewing the technology giant as a source of funding and exit opportunities respectively, according to the report.
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