- Partnership to support Canadian trade through EDC’s export solutions and GE Canada’s manufacturing footprint
- Partnership to provide access to diversified and competitive financing for GE customers
- Combination of wind, small modular reactor and emerging technology to drive energy transition
Ottawa, Canada, November 30, 2021 – GE (NYSE-GE) and Export Development Canada (EDC) today announced a three-year strategic global partnership aimed at supporting Canadian exports and creating new GE Canada supply chain opportunities while enabling a more equitable and sustainable future. This partnership agreement is the result of a joint commitment to further innovation, drive positive impacts for Canada’s economy and work to decarbonize in order to achieve net zero emissions in Canada by 2050.
EDC helps foster GE’s growth and success globally, through financing solutions, as well as through connections with its global network, which will help expand GE’s supply chain. The partnership builds on GE’s nearly 130-year history in Canada of investing in research and development across its businesses to develop bold and innovative technology that improves efficiency and reduces emissions enabling sustainable, reliable and affordable energy.
Susan Flanagan, President & CEO, GE Energy Financial Services, said: “EDC is an important strategic partner and has a vital role to play in enabling the energy transition and delivering affordable, reliable and sustainable energy to people around the world through its suite of financing solutions. We believe export credit agencies will play a significant role in driving the global energy transition and supporting new technology for large scale, capital-intensive energy projects including offshore wind, small modular reactor, hydrogen and carbon capture.”
The agreement will support GE industrial businesses with a particular focus on current and emerging technology. EDC and GE will explore opportunities to continue supporting the expansion of wind blade production capacity in Canada, as well as the continued development of GE’s supply chain in carbon-free energy generation technologies including the development and deployment of GE’s small modular reactor (SMR) technology. To accelerate the energy transition, the partnership will also help connect global energy projects with insurance, guarantees or direct loans to GE customers.
Sven List, Senior Vice President Trade Connections and Special Programs, EDC said: “Our vision at EDC is to grow Canada’s economy through trade while enabling a sustainable future. This partnership does just that. Working together with GE, we will positively impact Canadian employment, investment and exports, resulting in a stronger, more vibrant Canadian industry ecosystem and benefit Canadian businesses of all sizes. In addition, EDC will support GE and their customers to reduce emissions through innovative technologies with the goal of building a better, stronger and greener economic future, at home and abroad - something that we can all be proud of.”
The energy transition plays an important role in Canada, and GE is developing technologies that will support its customers in their goals to accelerate decarbonisation and secure a path to a lower and non-carbon emitting energy future. This past summer, GE Renewable Energy partnered with the Governments of Canada and Québec for the expansion of its wind turbine blade facility in Gaspé. The investments will enable expansion to meet the growing demand for renewable energy across North America and result in the creation of 200 skilled jobs.
To help countries and companies around the world achieve their net zero emissions targets, nuclear power as a part of the energy mix will also play a key role. The Government of Canada's SMR Action Plan envisions SMRs as a source of clean, safe and affordable energy that can unlock a range of economic, social and environmental benefits. Canada can become a global leader in SMRs – a worldwide market the federal government estimates can be worth $150 billion annually by 2040.
Looking forward, the deployment of new technologies such as carbon capture, utilisation and storage, hydrogen and SMR can decarbonize heavy industry and dramatically reduce emissions from conventional power plants while sustaining jobs and generating economic growth for the benefit of Canadians as well as providing access to reliable and affordable energy.
Heather Chalmers, President & CEO, GE Canada, said: “GE Canada is well positioned to accelerate the energy transition through our bold and innovative technology. We are committed to investment in Canada that will create meaningful jobs, address energy disparity, support localized supply chains, and back Canadian export. To achieve global climate goals, it will take all of us – governments, private and public financial institutions, energy producers, original equipment manufacturers, utilities, research institutions, indigenous communities, and other non-governmental stakeholders – to work together to make this vision a reality domestically and globally.”
The energy transition is underway around the world and Canada is already preparing itself for the changes to come. By thinking strategically and creatively, Canada is harnessing its innovative spirit, diversity of natural resources and human capital to decarbonize the future and ensure a just transition for all communities, and today’s announcement is testament to GE and EDC’s commitment to accelerating the energy transition.
About GE Canada
GE (NYSE:GE) rises to the challenge of building a world that works. For more than 125 years, GE has invented the future of industry, and today the company’s dedicated team, leading technology, and global reach and capabilities help the world work more efficiently, reliably, and safely. GE has delivered cutting-edge technology solutions to Canadians since 1892, when Thomas Edison founded a manufacturing facility in Peterborough, ON. Today, GE employs nearly 3,000 people in Canada within R&D, design, engineering, manufacturing, sales, and service functions across the power, transportation, and healthcare industries. GE Canada employees from coast to coast to coast are working to drive forward the energy transition, enable precision healthcare, and develop the future of flight.
About GE Energy Financial Services
GE Energy Financial Services is a global energy investor with 35+ years managing assets through multiple energy cycles. Drawing on its technical know-how, financial strength and strong risk management, GE Energy Financial Services invests in and provides capital solutions for long-lived and capital-intensive projects and companies that help meet the world’s energy needs. It is headquartered in Connecticut with regional hubs in London, Houston, Washington D.C. and Singapore. For more information, visit www.geenergyfinancialservices.com and follow us on Twitter @GEEnergyFinServ.
About Renewable Energy
GE Renewable Energy is a $16 billion business that combines one of the broadest portfolios in the renewable energy industry to provide end-to-end solutions for our customers demanding reliable and affordable green power. Combining onshore and offshore wind, blades, hydro, storage, utility-scale solar, and grid solutions as well as hybrid renewables and digital services offerings, GE Renewable Energy has installed more than 400+ gigawatts of clean renewable energy and equipped more than 90 percent of utilities worldwide with its grid solutions. With nearly 40,000 employees present in more than 80 countries, GE Renewable Energy creates value for customers seeking to power the world with affordable, reliable, and sustainable green electrons.
About GEH SMR Canada
GE Hitachi Nuclear Energy (GEH) is a world-leading provider of advanced reactors and nuclear services. Based in Markham, Ontario, GEH SMR Technologies Canada, Ltd. is supporting the deployment of the BWRX-300 in Canada through collaboration with Canadian customers, stakeholders, suppliers and partners. Follow GEH on LinkedIn and Twitter.
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage. As international risk experts, we equip Canadian companies with the tools they need – the trade knowledge, financing solutions, equity, insurance, and connections – to grow their business with confidence. Underlying all our support is a commitment to sustainable and responsible business. To help Canadian businesses facing extreme financial challenges brought on by the global response to COVID-19, the Government of Canada has expanded EDC’s domestic capabilities until December 31, 2021. This broader mandate will enable EDC to expand its support to companies focused domestically.
For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.