General Electric Co. (NYSE: GE) has partnered with Better Place, a Silicon Valley electric car infrastructure company, to develop technology and financing for car batteries, the company announced on Wednesday.
G.E., a producer of an electric vehicle charging station known as the WattStation, plans on making its product compatible with Better Place’s service network. Better Places hopes to build a global network of charging stations, beginning in Denmark and Israel, as automobile manufacturers compete to launch a new generation of plug-in hybrid and electric vehicles.
Under the partnership between Better Place and G.E., the two companies will develop a battery financing program, starting with a project to finance 10,000 batteries in Israel and Denmark. The two companies will also work together for the electrification of corporate fleets. The company also hopes to build battery-swapping stations as a complement to its network of charging locations to extend vehicle range without needing a back-up engine which burns gasoline. The company would likely lease batteries to customers that would buy monthly miles or pay lease fees for battery and electric to run the car.
General Electric Company (GE) is a diversified technology, media and financial services company. The Company’s products and services include aircraft engines, power generation, water processing, security technology, medical imaging, business and consumer financing, media content and industrial products. The Company serves customers in more than 100 countries. The Company operates through five segments: Energy Infrastructure, Technology Infrastructure, NBC Universal (NBCU), Capital Finance and Consumer & Industrial. In March 2009, Teleflex Incorporated completed the sale of its 51% share of Airfoil Technologies International – Singapore Pte. Ltd., to GE. In September 2009, the Company sold its 81% interest in Homeland Protection business to Safran SA. In September 2009, the Company acquired ScanWind. In September 2009, Moog Inc. completed the acquisition of the Company’s GE Aviation Systems’ flight control actuation business. In November 2009, GE Aviation acquired Naverus, Inc.
Shares of General Electric Co. (NYSE: GE) traded down 0.12% during mid-day trading on Wednesday.
