• Home
• /
• Local business

Masdar, GE Ink Deal

ABU DHABI - Masdar, the multi-faceted initiative of Abu Dhabi in sustainable development and the US-based power giant GE have signed an agreement to set up an Ecomagination Centre in Masdar City.

The agreement to this effect was signed between the officials of Masdar and GE on the sidelines of the ongoing World Future Energy Summit, according to a Press statement on Tuesday.

Claimed to be the first of its kind in the world, the Ecomagination Centre will cover an area of 4,000 square metres and will focus on sustainable business solutions. This centre is part of a multi-faceted strategic partnership signed by Mubadala and GE in July 2008 and will probably also be the first commercial enterprise coming up at the Masdar City. Currently under construction, Masdar City will be the world’s first carbon-neutral, zero-waste city completely powered by renewable energy.

Masdar has also announced that GE will be an anchor partner in Masdar City and the partnership is slated to form a broader research and development relationship that will support the development and deployment of new and innovative technologies in various fields.

The partnership signed between Masdar and GE in July last encompasses a broad range of initiatives at the global level including commercial finance, clean energy research and development, aviation, industry and corporate learning. Building on an already strong relationship and a common view of high growth opportunities in the Middle East and globally, the agreement provides for shared capital commitments to new joint ventures and investment funds. The statement however did not disclose how much will be the financial commitment for the centre.

The Ecomagination is GE’s commitment to conceive and construct pioneering technologies that help customers address their environmental and financial needs, the statement said said. The centre will support the development of energy efficient products in the region and will raise awareness of energy conservation among the Masdar City community. It will also showcase GE technologies, including wind, solar and other renewable energy products that will power the next generation “smart” electrical grid, water purification technology, and energy-efficient appliances for the home.

The multi-faceted agreement also provides a framework for Masdar and GE to explore areas of R & D collaboration in the development of clean technology products. Masdar will be able to leverage GE’s technological expertise with the aim of ultimately including these technologies in the Masdar City development.

“This is truly a landmark partnership in the development of Masdar City because it will allow us to jointly develop, deploy, scale and market innovative solutions in renewable energy and sustainability,’’ the statement said quoting Masdar CEO Dr Sultan Al Jaber. “We are excited that GE will be an anchor tenant at Masdar City, as we aim to build the world’s Silicon Valley for clean technology”

ramavarman@khaleejtimes.ae