GE Capital Fleet Services Launches New Interactive Website Focused on Alternative Fuels and Sustainability

Press release:

22 August 2012

GE Capital Fleet Services Launches New Interactive Website Focused on Alternative Fuels and Sustainability

 

Eden Prairie, Minn. – August 22, 2012 – GE Capital Fleet Services today announced the launch of a new eco-focused website that provides access to the company’s depth of knowledge regarding alternative fuels and related sustainable products. The website can be accessed via this link:

www.gefleet.com/eco.

The new website provides interactive tools that allow visitors to learn more about how GE Capital Fleet Services helps customers reduce costs, improve fleet performance and increase productivity via alternative fuel strategies. Highlights include:

• A video presentation focusing on GE’s Vehicle Innovation Center, a state-of-the-art facility dedicated to the alternative fuel vehicle experience
• An interactive Learning Center featuring an alternative fuel locator app and guides, resources and news for drivers, fleet managers and businesses
• An overview of GE’s WattStation™ technology and associated smart grid products and services
• Built-in accessibility to GE’s Intelligauge tool, an easy-to-use online app that calculates current and projected fuel costs and CO2 emissions
• Educational videos demonstrating the benefits of alternative fuel vehicles and infrastructure solutions

“Our new, enhanced eco website presents users with an interactive and educational experience that shows how our green solutions can help optimize customers’ fleets,” said Deb Frodl, chief strategy officer for GE Capital Fleet Services and global alternative fuels leader for GE. “GE’s global depth of knowledge around alternative fuel vehicles allows us to tell the story of sustainability in fleet management from a unique perspective.”

“Our goal is to create a web experience that puts current and prospective customers in the driver’s seat of the total alternative fuel vehicle experience,” said Jadine Starmer, web product manager. “We continually strive to identify ways to help our customers preserve capital and look to greener solutions by use of the latest technologies and interactive tools.”

The launch of the interactive website follows the May 31^st 2012 opening of GE’s world-class Vehicle Innovation Center at the company’s Fleet Services headquarters in Eden Prairie, Minnesota. The center provides current and prospective customers the ability to test drive and learn about the latest advancements and innovations for alternative fuel vehicles, via an on-site test track and education center.

About GE Capital, Fleet Services

GE Capital Fleet Services, based in Eden Prairie, Minn., is a global fleet management company with operations in the United States, Canada, Europe, Japan, Australia and New Zealand. Visit the website at gefleet.com or follow the company’s eco news and updates via Twitter (@GEFleetSvcs).

GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visitwww.gecapital.com or follow company news via Twitter (@GECapital). GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.

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Providing Capital and Technology, GE Advances Partnership with Enel Green Power to Build One of Minnesota’s Largest Wind Farms

Press release:

06 August 2012

Providing Capital and Technology, GE Advances Partnership with Enel Green Power to Build One of Minnesota’s Largest Wind Farms

 

HARDWICK, Minn., Aug 6, 2012 – Expanding its partnership with global renewable energy company Enel Green Power, GE (NYSE: GE) unit GE Energy Financial Services has committed approximately $156 million in common equity for one of Minnesota’s largest wind farms, using GE turbines.

The GE unit now owns 51 percent of the 200-megawatt Prairie Rose wind project under construction in southern Minnesota. Enel Green Power North America, a subsidiary of Enel Green Power, committed approximately $149 million for a 49 percent ownership stake and serves as project manager. In addition to capital, GE signed an agreement last year with Enel Green Power North America to supply 119 of GE’s 1.68-megawatt wind turbines for the project.

The GE unit and Enel Green Power North America also raised approximately $190 million in tax equity to be provided by a syndicate led by J. P. Morgan, which includes Wells Fargo Wind Holdings LLC and Metropolitan Life Insurance Company. The tax equity will be funded at project completion and will reduce both GE Energy Financial Services’ and Enel Green Power North America’s ownership stakes in the wind farm.

“This transaction showcases GE’s ability to provide both world-class technology and flexible financing structures for our customers and advances our long-term partnership with Enel Green Power, an established renewable energy leader,” said Kevin Walsh, Managing Director of Power and Renewable Energy at GE Energy Financial Services.

The project, which is expected to cost approximately $305 million, is located near Hardwick, northwest of Luverne. Construction, managed by Minneapolis-based Mortenson Construction, is expected to be completed later this year. The wind farm will supply all of its power to Northern States Power Company, a subsidiary of Xcel Energy, under a 20-year contract. Enel Green Power North America will have the option to purchase up to an additional 26 percent ownership stake from the GE unit later in 2012 and in 2013.

The benefits of the wind project are wide-ranging. The project’s Edina-based developer and Enel Green Power’s strategic partner, Geronimo Wind Energy, estimates that the wind farm will create approximately 300 construction jobs, contribute about $850,000 annually in new county and township taxes and create about a dozen permanent jobs. Prairie Rose is expected to generate enough electricity to power 75,000 homes and displace approximately 650,000 tonnes of greenhouse gas emissions per year – equivalent to taking approximately 130,000 cars off the road – according to US Environmental Protection Agency methodology. In addition, the wind farm will help Minnesota meet its mandate to generate 25 percent of its electricity from renewable sources by 2025.

This transaction expands GE Energy Financial Services’ and Enel Green Power North America’s portfolio of co-owned wind projects. In April, the companies invested in the 235-megawatt Chisholm View wind project under construction near Hunter, Oklahoma, which also will use GE wind turbines. The GE unit and Enel Green Power North America also invested in the 101-megawatt Smoky Hills wind farm in Kansas and the 63-megawatt Snyder wind farm in Texas.

GE Energy Financial Services’ global wind portfolio now comprises equity and debt financings for projects spanning 17 US states and four other countries totaling 9.9 gigawatts in operation or under construction. GE Energy Financial Services’ wind investing supports GE’s broader ecomagination strategy to create value for customers by solving energy, efficiency and water challenges.

About GE Energy Financial Services
GE Energy Financial Services’ experts invest globally across the capital spectrum in essential, long-lived, and capital-intensive energy assets that meet the world’s energy needs. In addition to capital, GE Energy Financial Services offers the best of GE’s technical know-how, technology innovation, financial strength, and rigorous risk management. Based in Stamford, Connecticut, the GE business unit helps its customers and GE grow through new investments, strong partnerships, and optimization of its approximately $20 billion in assets. For more information, visitwww.geenergyfinancialservices.com.

About GE
GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.

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America's Next Top Energy Innovator, Round 2

News release from the U.S. Department of Energy:

Secretary Chu Announces Second Round of “America’s Next Top Energy Innovator” on One Year Anniversary of the White House Startup America Initiative

January 31, 2012 

WASHINGTON, D.C. – Today, on the one year anniversary of the Obama Administration’s Startup America Initiative, U.S. Energy Secretary Steven Chu announced that the Department of Energy (DOE) is kicking off a second year of “America’s Next Top Energy Innovator,” a program that allows startup companies to license groundbreaking technologies developed by DOE’s 17 national laboratories for $1,000 and build successful businesses. As part of this effort, the Department reduces both the cost and paperwork requirements for startup companies to obtain an option agreement to license some of the 15,000 patents and patent applications held by the national laboratories.

The White House Startup America Initiative is a multiagency effort across the Obama Administration to promote high-growth entrepreneurship by expanding access to capital, cutting red tape, and accelerating innovation through agency action.  Additional information on the program’s one year anniversary and new steps the Obama Administration is taking to support job-creating small businesses is available HERE.

“America's future competitiveness depends on our ability to innovate and advance American products and businesses,” said Energy Secretary Chu. “Through America’s Next Top Energy Innovator, we are allowing brilliant ideas to fully develop and giving startup companies the opportunity to bring inventions from our national laboratories to the market.”

Under the previous round of America’s Next Top Energy Innovator, thirty-six companies in total signed option agreements with the national laboratories.  An online contest for the top picks is currently underway, where Americans can vote online for the most innovative and promising technologies supported by the program by visiting www.energy.gov/topinnovator. The top startup companies– based on the public vote and an expert review – will be invited to be featured at the premier annual gathering of clean energy investors and innovators around the country, the ARPA-E Energy Innovation Summit at the end of February.

Under the next round of the “America’s Next Top Energy Innovator” program:

1.      Wednesday, February 1, 2011, the Department will kick off the second round of the competition.  Entrepreneurs and start-ups must identify the technology of interest and submit a business plan to be considered for the program. Participants will have until December 10, 2012 to make their submission to the laboratory.
2.      Any of the 15,000 unlicensed patents and patent applications held by the national laboratories will be available for licensing by startup companies.
3.      From February 1 to December 10, the Department will reduce the total upfront cost of licensing DOE patents in a specific technology to a $1,000 upfront fee for portfolios of up to three patents from a single laboratory. This represents a savings of $10,000 to $50,000 on average in upfront fees.
4.      Other license terms, such as equity and royalties, will be negotiated on a case by case basis and will typically be due once the company grows and achieves commercial sales. These fees help support the Department's continuing research activities to develop new technologies.
5.      The Department has simplified the option and licensing process and has established a standard set of terms for start-ups, who generally lack the resources, time or expertise to negotiate individual licensing agreements.
6.      In early 2013, the Department will give Americans the chance to vote online for the most innovative and promising technologies supported by the program.

Learn more about DOE’s America’s Next Top Energy Innovator program HERE. Learn more about the Obama Administration’s Startup America initiative HERE.