CALGARY, July 8, 2014 /CNW/ - GE (NYSE: GE) today, announced the launch of a $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 $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 $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.
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.
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
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
SOURCE: General Electric Canada Inc.
For further information: Megan Parker, GE Corporate, +1 646 682 5605, firstname.lastname@example.org; Kim Warburton, GE Canada, +1 416 561 8316, Kim.email@example.com