The new research center will become part of GE’s growing global research network. With centers around the world, GE Global Research is the hub of technology development for all of GE’s businesses, acting as an innovation incubator to bring products and solutions to market faster, according to a release issued by Fallin’s office.
“Collaboration is key to leading the unconventional resource revolution, and in Governor Fallin and the people of Oklahoma, we’ve found excellent partners,” said Immelt.
The university is fertile ground for such innovative collaboration opportunities.
“The relationship with OU was very important,” Wood said. “That was critical to the success of this project.”
GE has a global network of 50,000 scientists and engineers. The center will initially focus on technologies that enable safe, efficient and reliable production, delivery and use of unconventional oil and gas.
“Unconventional resources, and shale gas in particular, may be one of the biggest productivity drivers of our lifetime,” Immelt said. “At GE, we see a tremendous opportunity in the oil and gas space. Since 2007, we have invested $11 billion to build broad technical capabilities that can deliver productivity gains and foster innovation for our customers.”
GE Oil & Gas is the company’s fastest-growing business, with revenues of more than $15 billion and earnings and new orders having each grown 16 percent in 2012.