GE bets on offshore wind as fossil fuels business stumbles
CNNNew York CNN Business — General Electric is a tiny player in the booming offshore wind market. “Through our know-how, we can bring new innovative technologies to scale like few others,” John Lavelle, CEO of GE’s offshore wind business, told CNN Business. If you’re not innovating, you’ll be transformed out.” John Levelle, CEO of GE's offshore wind business Pressure from clean energy will only get worse. He said GE offshore wind continues to have “adequate resources” to support development, and the project is “right on track.” “If you’re not innovating, you’ll be transformed out,” Lavelle said. Given that 25% of the world’s electricity comes from GE technology, Lavelle said “it would raise a question if GE wasn’t playing in offshore.” Rival Siemens Gamesa will have about 17% of the offshore wind market at the end of the year, while Dutch manufacturer MHI Vestas will have more than 55%, Wood Mackenzie said.
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