GE announced this week the launch of an 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 greenhouse gas (GHG) emissions in the oil sands: new uses for waste heat and improved efficiency of steam generation.
GE is calling for people 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 CAD$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, GE says. 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.
Since its 2005 launch, ecomagination has generated more than US$160 billion in revenue. GE’s own operations have seen a 32% reduction in GHG emissions since 2004 and a 45% reduction in freshwater use since 2006, realizing US$300 million in savings, the company says.
This is the sixth ecomagination challenge. GE most recently launched an innovation challenge to increase the energy efficiency of seawater desalination, and a challenge to improve electrical distribution with innovative designs for an ergonomic rotary handle accessory for its molded case circuit breaker.
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