In a significant leap towards sustainable aviation, GE Aerospace by General Electric (NYSE:GE) is developing a hybrid electric engine, aiming to power narrow-body jets by the mid-2020s.

What Happened: GE Aerospace is working with NASA on a project to integrate electric motors or generators into a high-bypass turbofan, supplementing power during various operation phases, Reuters reported on Wednesday. The company recently completed initial tests of the hybrid components and the engine, with plans for further testing.

The hybrid electric engine, currently under testing, has the potential to revolutionize the aviation industry by significantly reducing carbon emissions. Single-aisle jets, which account for half of the aviation industry’s emissions, could be powered by these hybrid engines.

GE Aerospace, in partnership with France’s Safran, is also exploring an open-bladed jet engine for future medium-haul jets, aiming to cut fuel use and emissions by 20% by mid-next decade. Meanwhile, GE’s competitor RTX is developing a hybrid-electric technology demonstrator that combines a thermal engine with an electric motor, targeting a 30% improvement in fuel efficiency.

Why It Matters: The aviation industry faces mounting pressure to decarbonize, a task that is far from easy. Hybrid engines, which utilize multiple energy sources during flight, could be a game-changer. Airbus suggests that this energy mix could reduce fuel consumption by up to 5% compared to standard flights.

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Earlier this year, TotalEnergies and Airbus teamed up to focus on reducing the sector's CO2 emissions, with sustainable aviation fuels projected to reduce up to 90% of CO2 emissions over their lifecycle compared to their fossil fuel equivalent.

Furthermore, Boeing and Masdar joined forces to boost the sustainable aviation fuel industry, aligning with the broader goal of the commercial aviation sector to achieve net-zero emissions by 2050.

Earlier this year, GE reported fourth-quarter fiscal 2023 revenues of $19.4 billion, an increase of 15% year-over-year, and Adjusted revenue of $18.5 billion (+13% year-on-year organically), beating the consensus of $17.42 billion.

Price Action: General Electric closed at $164.97 on Tuesday, according to Benzinga Pro.

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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari