GE Energy Expands in Growing Offshore Wind Sector with Key Technology Buy

Acquisition of ScanWind adds advanced drive train turbine technology to GE's portfolio; tackles offshore industry's need for reduced maintenance costs and increased reliability

STOCKHOLM, Sweden--(BUSINESS WIRE)--GE announced today the completion of the acquisition of ScanWind. With this move, GE has expanded its portfolio of renewable energy offerings to better serve customers. ScanWind is a developer of advanced drive train and control wind turbine technologies aimed at offshore deployment.

“This is particularly important for the growth of the offshore wind industry, where project economics are strongly affected by turbine design and reliability. The ScanWind design fits these requirements”

“The acquisition of ScanWind is an important step in our strategy to place GE in a strong position in the growing offshore wind segment,” said Victor Abate, Vice President of Renewable Energy for GE Energy, at the European Offshore Wind Conference in Stockholm. “We are impressed by ScanWind’s simple, solid, reliable design and by the team of people who developed it.”

Headquartered in Trondheim, Norway, with a design-engineering centre in Karlstad, Sweden, ScanWind was founded in 1999 to develop and commercialise advanced drive train wind turbine technology that eliminates the need for gearboxes. ScanWind’s 41 employees have designed and developed the 11 turbines operating on the Norwegian coast which are currently demonstrating the reliability and performance of this advanced technology.

The ScanWind turbine technology will join GE’s family of wind turbines that includes the GE 1.5-megawatt series, the most widely deployed wind turbine in the world with more than 12,000 now in operation. The GE wind portfolio also includes the 2.5 MW series wind turbine, proven in European applications and now also available in North America.

Reliability and maintainability are of concern in every energy sector but are paramount in offshore wind applications. “This is particularly important for the growth of the offshore wind industry, where project economics are strongly affected by turbine design and reliability. The ScanWind design fits these requirements,” noted Abate.

For the EU member states to reach their renewable energy targets by 2020, analysts predict major investments in European offshore wind projects. Industry experts predict a 20-fold global increase, from an installed base of 1.5 GW in 2008 to 30 GW by 2020.

Stephan Ritter, General Manager of Europe and Offshore Wind for GE Energy’s Renewable Energy business, will lead GE’s offshore wind expansion and manage the integration of ScanWind. Ritter comments, “We look forward to taking ScanWind’s proven technology and enhancing it, by leveraging our existing wind turbine expertise, our supply chain and our global research capabilities.”

GE continues to invest heavily in driving innovation and research and development in the areas of clean energy and infrastructure – investing over $6 billion annually in research and development, of which $1.4 billion is focused on developing clean technology solutions. According to Abate, “Our decision to buy ScanWind is part of GE's overall strategy to ensure that we're the innovation leader by developing new renewable energy technologies, collaborating with key players, and when appropriate, making key acquisitions.”

About GE Energy

GE Energy (www.ge.com/energy) is one of the world’s leading suppliers of power generation and energy delivery technologies, with 2008 revenue of $29 billion. Based in Atlanta, Georgia, GE Energy works in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; and other alternative fuels. GE Energy has the resources and experience to help customers meet their needs for cleaner, more reliable and efficient energy. Many GE Energy products are certified under ecomagination, GE’s corporate-wide initiative to aggressively bring to market new technologies that will help customers meet pressing environmental challenges.

About GE

GE is a diversified global infrastructure, finance and media company that is built to meet essential world needs. From energy, water, transportation and health to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at http://www.ge.com. GE is Imagination at Work.

Contacts

GE Energy
Milissa Rocker
518-389-8120
milissa.rocker@ge.com
or
Masto Public Relations
Ken Darling or Howard Masto
518-786-6488
kenneth.darling@ge.com
howard.masto@ge.com

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