“Public funds worth €38.4 million have been released to go towards the first tranche of investments – totaling €200 million – which General Electric Oil&Gas will use to develop a new innovative products center in Tuscany.

The center at GE’s Nuovo Pignone plant in Florence will have compressors and turbines for extracting gas and petroleum with a power ranging between 5 and 65 megawatts. These will flank the more powerful traditional GE machines, with the aim of widening the range and therefore their penetration in the market.

The first three research projects (out of a total of five) of GE’s “Galileo” program will be rolled out from 2016-2020. The government has earmarked €24 million of European Union funds, and the region will contribute €14.4 million.

“The work we are doing with Tuscany represents a model of what we should be doing in all the regions, because we are managing difficult crisis situations together, we are managing new investments, and we are doing it through teamwork between ministerial structures and political leaders,” said Economic Development Minister Carlo Calenda.” [Continue Reading]