This morning General Electric (GE) unveiled plans to spend $100 million to build a manufacturing facility in upstate New York. The plant will build advanced technology batteries, which GE thinks can be a $1 billion industry in the next decade.
The $100 million is just an initial investment according to a press release. The company is also applying for stimulus dollars to help with the construction. GE received “strong support” from New York’s governor, David Patterson, which we assume means big tax breaks, though we don’t see any specified in the release.
GE will first develop batteries for hybrid locomotives, but it has deals with mining, telecommunications, and utilities. It will also work on backup storage and load levelling for the smart grid. It will be part of GE Transportation. GE wants to have the plant churning out batteries by 2011.
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