A few days ago General Electric’s CEO, Jeff Immelt, said that they will unveil a new green energy technology, but so far the company only revealed a plan of how to make things work. GE said that they want funding from the Obama administration in order to build a $100 million factory where they will develop the next-generation batteries. When Obama was elected president, he developed a $787 billion economic stimulus plan, and green energy played an important role there, therefore Immelt believes that they will receive the funding.

GE already invested about $150m in the future high-tech batteries, and they want to invest $100m more. At first GE will developed batteries for the upcoming hybrid railroad locomotive as this is a good way to start. Immelt believes that the next-gen batteries will become a $1 billion business in the next 10 years. GE’s battery factory will be built in New York, and Immelt believes that their high-tech batteries built there will bring at least $500 million before 2015.

These mysterious batteries which will be developed at GE’s factory are based on sodium-metal halide technology. According to GE, these kind of batteries are the best when it comes to store enormous amounts of energy. Although the sodium-metal halide will be destined for hybrid railroad locomotives, GE says that they will also develop batteries for backup systems, and Li-ion batteries for hybrid cars.