General Electric (GE 1.09%) has expanded its list of divisions. The company announced that it has launched a distributed power business combining three product lines -- aeroderivative gas turbines, Jenbacher gas engines, and Waukesha gas engines. The unit will be funded with an internal investment of $1.4 billion spread out over four years.

GE established the division to, in its words, "help meet the world's growing demand for on-site power systems that are easier to finance, faster to install, and more efficient and reliable for customers."

Citing its own research, the company said that between now and 2020, distributed power will grow by 40% faster than global electricity demand.