GE and BP form joint venture |
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Published
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Thu, 24 May 2007 23:32
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UNIVERSAL CITY, Calif. (AP) - General Electric Co. and BP PLC said Thursday they formed an alliance to jointly develop and deploy technology designed to reduce emissions from electricity generation.The announcement builds upon a preliminary agreement reached by GE and BP last year, the companies said.The alliance will work to combine power generation from fossil fuels with carbon capture and storage technology, with 90 percent of the carbon in the fuel captured and stored underground instead of being released into the air, the companies said.The companies initially expect to apply GE's proprietary gasification and turbine technology to the development of five hydrogen power plants that would use petroleum coke or bituminous coal as feedstock.Each plant is expected to generate about 500 megawatts of electricity -- enough to power about 325,000 U.S. homes -- while also capturing about four million tons of carbon dioxide a year, the companies said.GE shares fell 3 cents to $37.35 in aftermarket trading after falling 22 cents to $37.38 in the regular session. BP shares rose 5 cents to $67.30 in the late session, after falling 89 cents to $67.25 in regular trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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