General Electric Co. (GE) - Get Report announced Monday that its GE Aviation subsidiary was launching a program with aircraft engine maker Safran SA called CFM Rise to make next-generation, green aviation engines.
The goal of CFM Rise is to build jet engines that will consume less fuel and emit fewer carbon-dioxide emissions. Through the program, the companies are expecting a reduction of more than 20% in fuel consumption and carbon dioxide emissions compared with today's most efficient jet engines.
“We are reinventing the future of flight, bringing an advanced suite of revolutionary technologies to market,” GE Aviation head John Slattery said. "We fully embrace the sustainability imperative. As we have always done in the past, we will deliver for the future.”
General Electric shares were falling 1.17% to $13.53 in morning trading on Monday. Year to date, the stock is up more than 25%, compared to a 13% rise in the S&P 500.
CRM Rise will focus on an "open fan architecture" that will allow an aircraft's engine blades to operate without a traditional casing. The project will also pursue hybrid-electric technology and is being designed to be fully compatible with alternative energy sources.
The technologies that the companies are developing through the RISE program will be the foundation for a next-generation engine that "could be available" by the mid-2030s, the company said.
"Our industry is in the midst of the most challenging times we have ever faced,” said Safran CEO Olivier Andriès. "Through the extension of our CFM partnership to 2050, we are today reaffirming our commitment to work together as technology leaders to help our industry meet the urgent climate challenges.”