Chevron Corp.’s (NYSE: CVX) Energy Technology Co. and General Electric Co.’s (NYSE: GE) Oil & Gas division have partnered to create a new technology alliance to focus on developing early-stage energy technologies.
California-based Chevron and Italy-based GE Oil and Gas both have significant operations in Houston, and they plan to leverage these operations for the new alliance.
GE will contribute manufacturing, distribution and research and development capabilities to the alliance and Chevron will contribute its knowledge of the oil and gas industry to the alliance.
“Chevron’s deep understanding of the oil and gas industry, combined with GE’s long tradition of technology development and close collaboration with strategic partners, will uniquely position this new alliance to address the industry’s technology needs,”Lorenzo Simonelli, president and CEO of GE Oil & Gas, said in a statement.
GE and Chevron have collaborated on technology projects in the past, including new flow control products.
In January, GE Oil & Gas told the Houston Business Journal that it is investing in new downstream technologies. The company also recently acquired the reciprocating compression unit from Houston’s Cameron International Corp. (NYSE: CAM) for $550 million.
Chevron, on the other hand, recently put its plans for a new 50-story office tower in downtown Houston on hold.
Sourced from Houston Business Journal