Statoil and GE recently announced that they'll be coming together to fuel a research initiative that they hope will drive down costs and cut emissions within the energy sector. There are numerous challenges facing the industry, which include, increasing methane and CO2 emissions and high levels of water usage.
The fact that these two giants are striking up a partnership is a real step forward in itself and should be viewed as a victory for the industry. It's been reported that the research will be targeted at using liquefied CO2 to decrease water usage in fracking, whilst also reducing gas turbine downtime by performing maintenance whilst they're operational.
This partnership is an excellent example of Open Innovation and demonstrates that major companies are interested in collaborating to achieve their sustainability goals. It's hoped that by leveraging both their extensive networks of engineers that there will be pool of expertise that'll be able to solve the industry's most significant problems.
GE and Statoil have also launched a new competition called the 'Innovation Challenge' which is targeted at inspiring the world's most talented engineers to come up with solutions to the industry's challenges.
GE and Statoil are using Open Innovation to aid sustainability within the energy industry. This collaborative effort proves that even the biggest companies are willing to work together in order to guarantee the long-term future of their industry, demonstrating an ethical standpoint and commitment to making the world a better place.