GE eyes clean energy deals with Chinese partners

GE plans to sign five agreements with Chinese partners this week, totaling more than $2 billion in revenue.

 “We feel confident about this relationship and are encouraged by the commitment both governments are demonstrating to working together to advance common interests. This week’s announcements reflect the potential of continued and expanded U.S.-China cooperation.”

The five joint ventures, partnerships and orders in strategic sectors such as clean energy, aviation and rail transportation are expected to generate more than $1 billion in exports from the U.S. and create or support jobs in both countries, including more than 4,500 U.S. jobs.

”These multi-sector infrastructure-improvement deals will help strengthen the critically important U.S.-China bilateral economic relationship, expand commerce and increase employment in both the U.S. and China,” said GE Vice Chairman John Rice. “We feel confident about this relationship and are encouraged by the commitment both governments are demonstrating to working together to advance common interests. This week’s announcements reflect the potential of continued and expanded U.S.-China cooperation.”

The deal includes a joint venture between GE Energy and Shenhua Group Corporation signed on Tuesday to develop coal gasification technologies in China, key to commercial-scale deployment of cleaner coal solutions. This collaboration is expected to generate more than $150 million in revenues over five years and $100 million of U.S. exports in services, R&D and licensing. It will also support job creation in the United States and China, including hundreds of jobs in Houston, Greenville, SC; and Schenectady, NY.

It also includes a collaborative agreement between GE Energy and China Huadian Corporation to develop distributed energy combined heat and power projects, which are expected to become the most efficient natural gas solutions for China. GE forecasts at least 50 gas-turbine generator sets being sold and installed in China in the next five years, resulting in $500 million of revenue for the partnership and $350 million in U.S. gas turbine exports from Cincinnati, Houston, Colorado and Oregon.