GE Oil & Gas to invest $600 million in ItalyStaff writer ▼ | February 1, 2016
GE Oil & Gas signed a Memorandum of Understanding that will lead to the investment of $600 million over the next five years in Italy.
Energy in Europe Over the next five years in Italy
The project aims at increasing Italian production by 50% and increase company revenue by $1.7 billion in five years. With the support of national government and Tuscany Region, it will also train a new generation of engineers specialising in next generation high-tech design and industrialisation.
This will provide concrete benefits in terms of innovation and productivity both for the world of research and for local entrepreneurial activities.
The programme, named Galileo, supports the development of gas turbines and centrifugal compressors with a 5-65MW power range and innovative digital technologies covering their entire life cycle with aim of optimising the performance and operative life of the products.
Through the GE Store, which is the marketplace that identifies synergies and transfers them across GE’s diverse businesses, GE Oil & Gas will be able to use aeroderivative material technology to introduce increasingly lighter and smaller machines to the oil and gas industry.
The investment in R&D will be supported by the use of new digital technologies for accelerating processes and improving performances, in line with the global GE digital industrial transformation and fully in agreement with the commitment of the Italian government to promote the digital transformation of the Country.
Another Memorandum of Understanding has been signed in the last weeks between Avio Aero - a GE Aviation business - and the Italian Minister of Economic Development, consisting of €200 million over the next four years and involving Piedmont, Apulia and Campania, the geographical areas in which Avio Aero employs about 4,000 people. ■