At the company's sprawling Global Research Center near Schenectady, N.Y., scientists think they are nearing breakthroughs in a variety of energy technologies. In August, for instance, GE reported that it had developed nanodiodes—whiskers 1/80,000th the thickness of a human hair—displaying a photovoltaic effect that converts sunlight into electricity. It is working to incorporate them in new types of solar cells. At the other end of the product spectrum, GE has built a prototype of a hybrid-powered locomotive that uses less fuel and produces fewer toxic emissions than a conventional one. "The hunt for clean, sustainable energy will be the defining story of the 21st century," says Michael Idelchick, VP of advanced technology at the research center.
Some forms of new energy are already on their way to becoming big businesses for GE. It expects to report more than $2 billion in wind-turbine sales to private developers and private and government utilities this year. That's up 300% from $500 million in 2002, when GE acquired a struggling wind-power business from Enron. Some 5,500 of the turbines have already been installed around the world, and another 1,600 are due to go up this year. GE is the only U.S. manufacturer. "This market is exploding," says Vlatko Vlatkovic, a Croatian-born electrical engineer with a doctorate from Virginia Tech who supervises 220 scientists and engineers. "It's growing 30% a year in the U.S. and Europe."
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