GE Launches Global Ecomagination Innovation Challenge
OREANDA-NEWS. GE (NYSE: GE) today announced the launch of an up to CADUSD 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 CADUSD 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).