GE created the world’s most powerful wind turbine. What’s next?
GE, once the world’s most valuable company, is hoping to reinvent itself through offshore wind power investments.
Back in 2000, General Electric (GE) had a massive market cap of $600B+ and was the most valuable firm in the world.
Today, after years of corporate misadventures and a slowing of innovation, the industrial conglomerate’s market cap has winnowed to $94B.
To reach its old heights, GE is betting big on offshore wind power with the creation of Haliade-X, the world’s most powerful turbine.
Capital investment in offshore wind is worth $26B…
… more than triple what it was 10 years ago, according to the New York Times.
In recent times, energy giants like BP and Shell have made huge investments to hedge against the decline of oil.
GE made its first foray into the industry in 2002 when it bought the land-based wind business from everyone’s favorite corporate punching bag, Enron.
In 2015, it made a huge splash into offshore wind by acquiring the power business of French conglomerate Alstom for $17B.
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