GE was awarded 44 contracts totaling over $46,000,000 and 44 grants totaling more than$79,000,000 from the Obama-Pelosi $757 billion dollar stimulus package. Millions of dollars in stimulus funds were used by GE in green energy projects.
Today GE announced that it was going to gut its offshore wind-power plans.
The rationale: there is no meaningful offshore wind market to speak of – at least not yet. Given slower-than-expected industry growth, the offshore market may not mature as rapidly as many wind boosters once believed. In 2009, GE moved into the offshore market by acquiring Norway’s ScanWind, a developer of direct-drive turbines, based in the city of Trondheim.