GE eyes $1.5 billion in clean-tech research by 2010

BOSTON (Reuters) – General Electric Co aims to boost its investment in clean-tech research and development to $1.5 billion a year by 2010, the largest U.S. conglomerate said on Wednesday in its annual “Ecomagination” report.

The maker of products ranging from electricity-producing wind turbines to energy-efficient compact-fluorescent lights, wants to grow green-business revenues to what it called a “stretch” target of $25 billion next year, up from $17 billion in 2008 and $6 billion in 2004.

The Fairfield, Connecticut-based company last year spent $1.4 billion on green research, up from $700 million in 2004.

GE said it expects stimulus spending in the United States, China and elsewhere around the globe to create about $400 billion of new demand for green technologies and clean-energy products, including wind turbines and solar panels.

Reuters