General Electric (GE) Power and South Africa’s ESKOM Award Needs-Based Scholarships to Students

General Electric Company (NYSE:GE) Power has joined forces with South Africa’s power utility company ESKOM to cultivate a future of engineers, technicians, and scientists. Thanks to this GE Steam Power initiative, 60 students from the Mpumalanga region in eastern South Africa have been granted needs-based bursaries valued up to 30 million rands, or worth $4,866,600. The bursaries are poised to help these students for a four-year period, covering everything from accommodation costs to books to even a living stipend. Eskom in turn has donated laptops to each of the recipients of these bursaries.

“GE’s Steam Power business believes firmly in supporting the South African government’s commitment to skills development and we are proud to be a key participant of this initiative. We understand the importance of ensuring that the future generation of engineers, technicians and scientists have access to the training and support that they need to develop and contribute to the development of the country” said Lee Dawes, General Manager, GE Steam Power in Sub-Saharan Africa.

The 60 students who are from Ehlanzeni, Gert Sibande and Nkangala district respectively, will study at more than 10 higher learning institutions across the country.

“The future of the African continent is reliant on skills especially in science, technology, engineering and mathematics and these bursaries will ensure great progression of empowering the youth of Mpumalanga”, said Nthabiseng Kubheka, GE Steam Power Project Director at Kusile Power Plant. “This initiative is one of many programs that GE’s Steam Power business is implementing to empower the youth with skills especially in communities where we work” she added.

Speaking at the awards ceremony, the Executive Mayor of the Nkangala District, Cllr Linah Malatjie said “We commend you for a job well done and encourage you to maintain your spirit of hard work, dedication and commitment. We are planting a seed towards ensuring an improved level of the graduate professional base in the district. We will achieve this through ensuring that education remains at the apex of our priorities in moving our district forward, and this bursary initiative reflects this commitment.”

GE Power’s Steam Power business and the South African government, through the Accelerated and Shared Growth Initiative South Africa (Asgi SA), have collaborated to establish a graduate development programme with 155 trainees in various fields of engineering in both Kusile and Medupi Projects and was awarded the Best Training Programme (Large Company) at the recently held Skills Development Summit in Johannesburg.

GE’s Steam Power is committed to supporting South Africa’s power development priorities and building the next generation of South African engineers in the local communities where it operates.

Analyst Ratings

TipRanks indicates the industrial empire has Wall Street mostly cautious and leaning towards the bears. Out of 13 analysts polled in the last 3 months, just 2 are bullish on GE, 8 remain sidelined, while 3 are bearish on the stock. With a loss potential of nearly 3%, the stock’s consensus target price stands at $14.30.

Stay Ahead of Everyone Else

Get The Latest Stock News Alerts