GE to Accelerate Commercialization of Power Grid Technology by Acquiring FMC-Tech

GE GE announced today that it intends to acquire Ireland-based FMC-Tech. FMC-Tech is one of the dozen investments resulting from GE's 2010 ecomagination Challenge: Powering the Grid. On July 13, 2010, CEO Jeff Immelt announced GE's Ecomagination Challenge: Powering the Grid, a $200 million open innovation challenge to find and fund the best ideas for bringing the power grid into the 21st century. Co-funded by four venture capital firms, the challenge aims to leverage GE's scale, technical expertise and client relationships to bring new ideas to market quickly. “With the acquisition of FMC Tech's portfolio, GE will be able to provide a new level of grid intelligence to utilities, improving decision-making and streamlining operations with real-time information on power outages and available capacity on power lines,” said Bob Gilligan, CEO—digital energy for GE Energy Services. “Utility operators can better balance the load by managing capacity and optimizing the amount of power sent through a line. Maintenance and repair crews can be more effectively dispatched for increased productivity, improved reliability and greater customer satisfaction.”