General Electric Company (GE - Free Report) recently announced that its latest technology platform for the wind energy sector, PowerUp, has achieved contracts for over 1,000 units since its inception around seven months ago.
A part of GE Predictivity for wind solutions, the software-enabled PowerUp platform is expected to boost the annual energy production (AEP) per turbine by up to 5%, leading to approximately 20% increase in profit per turbine for power producers.
The wind PowerUp platform continuously analyzes data points on wind farms and enables customers to raise power output through improved positioning and operations. The PowerUp platform works by adjusting performance dials that include speed, torque, pitch, aerodynamics and turbine controls.
General Electric also introduced its GE Predictivity wind plant wake management software capabilities. Incorporated in PowerUp, the new software provides optimum solution for diminishing wake loss at the plant. Leading industry power producers have already successfully implemented the PowerUp platform with an increase in profitability across their fleets.Such innovative technology upgrades are likely to augment reveues for the company.
General Electric is one of the most diversified technologies and financial service corporations in the world. Its segments include Power & Water, Oil & Gas, Energy Management, Aviation, Healthcare, Transportation, Home & Business Solutions, and GE Capital. GE Power & Water produces gas, steam and aero derivative turbines; generators; combined cycle systems; and renewable energy solutions, and provides water treatment services and equipments.
General Electric currently has a Zacks Rank #3 (Hold). Other stocks that look promising and are worth a look now include Icahn Enterprises, L.P. carrying a Zacks Rank #1 (Strong Buy), and Carlisle Companies Inc. (CSL - Free Report) and ITT Corp. (ITT - Free Report) , both carrying a Zacks Rank #2 (Buy)