GE Aviation, a unit of multinational conglomerate General Electric Company (GE), and Safran announced a program called CFM RISE (Revolutionary Innovation for Sustainable Engines) that aims to reduce fuel consumption and CO2 emissions by more than 20%, facilitated by open blade engines.

GE Aviation is a global provider of jet engines, components, and systems, for commercial and military aircraft. (See General Electric stock analysis on TipRanks)

Safran is an international high-technology group operating in the aviation (propulsion, equipment, and interiors), defense, and space markets.

The program will establish a range of new, disruptive technologies for future engines expected to enter service by the mid-2030s. Furthermore, the technology developed under RISE will be 100% compatible with alternate energy sources such as Sustainable Aviation Fuels and hydrogen.

Both companies also extended their CFM International 50/50 partnership until 2050, with the intent to pioneer the industry’s commitment to halve CO2 emissions by 2050.

John Slattery, President, and CEO of GE Aviation said, “Together, through the RISE technology demonstration program, we are reinventing the future of flight, bringing an advanced suite of revolutionary technologies to market that will take the next generation of single-aisle aircraft to a new level of fuel efficiency and reduced emissions.”

At a recent investor conference, General Electric CEO Larry Culp suggested a positive outlook for the Renewable and Healthcare segments and said he was confident about the recovery of the Aviation segment by the second half of 2021.

SOURCE SmarterAnalyst