General Electric Co. (NYSE:GE) announced plans Tuesday to build a
$100 million advanced storage battery manufacturing facility in Albany, N.Y. The factory, which will employ about 350, will be part of GE Transportation and will provide long-lasting batteries to help power hybrid locomotives, boats, mining equipment and other commercial vehicles.
The investment is part of GE's push into green business, which it hopes will provide it with $20 billion in revenue this year and another $25 billion in 2010,
according to Reuters. In April, GE
increased its stake in A123Systems Inc. to 10% with a $15 million investment, bringing its total investment in the lithium-ion battery maker to $70 million. A123 most recently entered an agreement to supply lithium-ion battery packs to Chrysler LLC. It has a similar deal with General Motors Co. (NYSE:GM).
In announcing the Albany facility, GE chief executive Jeff Immelt said his company is seeking about $40 million in federal stimulus funds from the U.S. Department of Energy for the project. And he hopes to tap federal funds for future green projects as well.
- Suzanne Stevens
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