Over the past 2 and a half years GE has invested $150 million into 16 different cleantech through its Ecomagination division. That’s what the VP of that division, Steve Fludder, told people in San Francisco yesterday at the Cleantech Forum. Fludder also said, “We’re as hungry as we’ve always been,” for acquisitions.
While GE’s stock is getting hammered on the errors at GE capital, it’s investment in energy infrastructure and technology has performed very well. As 24/7 Wall St. points out, “The sales at it energy infrastructure business has gone from $19.8 billion in 2004 to $38.5 billion last year. Revenue at GE’s technology infrastructure business has gone from $30 billion to $46.3 billion over the same period. The profits at both these segments of GE have gone up at similar rates.”
If it’s got the cash on hand, 2009 is predicted to be a great year to pick up distressed cleantech companies that are on the cusp of commercialization, but don’t have the money to get over the hump. General Electric could go shopping and put itself in a great position for the coming shift in energy policies.