General Electric Company’s (NYSE:GE) Distributed Power business, Western Energy Systems and San Francisco-based Phoenix Energy today announced they have signed an agreement for GE to provide equipment for an integrated biomass gasification solution to power a bioenergy plant in North Fork, the next in a series of bioenergy plants that Phoenix Energy is building in the state. GE’s integrated biomass gasification solution includes an Ecomagination qualified, 1-megawatt engine and biomass gasification system. Phoenix Energy and GE have collaborated to design and implement this solution statewide.

For the North Fork project, Phoenix Energy will use the GE gasification solution to convert excess forest biomass to electricity, heat and biochar, supporting the state and federal efforts to reduce wildfire risk, eliminate wasteful pile and burn management practices and improve carbon sequestration. The renewable biomass is procured locally from U.S. Forest Service and CalFire managed lands. With GE’s process, the carbon in the biomass is left mostly in solid form as biochar. This biochar is then put back into California agriculture to improve soil health and water retention and can also be used as carbon filter media. GE will provide an integrated biomass solution including the gasifier, gas conditioning system and engine.

“GE is the first company to offer us a single end-to-end solution on the complete biomass system, rather than piecing it all together from multiple vendors. This is game changing for the forested communities,” said Phoenix Energy CEO Greg Stangl. “By working together, GE has given us the confidence that this is the right solution to use throughout California to produce sustainable local energy from local biomass, creating local jobs.”

The North Fork project is the recipient of a $4.9 million grant awarded by the California Energy Commission. Other Phoenix Energy projects nearing agreement will interconnect with various local utilities under California’s new SB-1122 legislation, which seeks to support further deployment of bioenergy in the state.

“The Energy Commission invests in innovative cleaner energy concepts like Phoenix Energy’s North Fork project because they create a pathway towards achieving California energy and greenhouse gas emission reduction goals,” said Rizaldo Aldas, the Energy Commission’s renewable energy R&D program lead. “Bioenergy is environmentally and economically sustainable, and the successful development of projects like this one move biomass forward as a key renewable energy resource for the state.”

Phoenix Energy plans to commence operation of the North Fork plant in the fourth quarter of 2016. GE and Western Energy Systems also will provide technical support and service for Phoenix Energy’s installed systems.

“This important agreement underscores our commitment to providing alternative energy solutions to help meet global energy goals for renewable power generation,” said Scott Nolen, global technical solutions leader for GE’s Distributed Power business. “Our gasification system and engines are designed to meet our customers’ needs for both high efficiency and reliability while increasing fuel flexibility. The Jenbacher system is well suited for Phoenix Energy’s process requirements.”

In October 2014, GE, Western Energy Systems and Phoenix Energy announced that GE would provide its Jenbacher J612 gas engines for Phoenix Energy’s Lake Tahoe site. The GE gas engines use syngas produced at Phoenix Energy’s biomass gasification facilities to generate renewable electricity. (Original Source)

Shares of General Electric opened today at $25.2 and are currently trading down at $25.0601. GE has a 1-year high of $28.68 and a 1-year low of $19.37. The stock’s 50-day moving average is $25.46 and its 200-day moving average is $26.16.

On the ratings front, General Electric has been the subject of a number of recent research reports. In a report issued on August 24, Deutsche Bank analyst John G. Inch maintained a Hold rating on GE, with a price target of $29, which implies an upside of 15.1% from current levels. Separately, on July 20, UBS’s Shannon O’Callaghan reiterated a Buy rating on the stock and has a price target of $32.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, John G. Inch and Shannon O’Callaghan have a total average return of 11.6% and 16.5% respectively. Inch has a success rate of 78.6% and is ranked #676 out of 3752 analysts, while O’Callaghan has a success rate of 79.7% and is ranked #105.