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The Associated Press June 24, 2010, 5:19PM ET

FAA awards $125M to develop green air technology

The Federal Aviation Administration has awarded $125 million in contracts to five companies, including Boeing Co., General Electric Co., and Honeywell International Inc., to work on technologies to make the aviation industry more environmentally friendly.

The other companies include Pratt & Whitney and Rolls-Royce-America.

Each will be paid $25 million over five years for the work, and each company will at least match or exceed that investment, the FAA said. That means the entire program will be worth more than $250 million, the agency said in a statement Thursday.

The work will be done for the agency's Continuious Lower Energy, Emissions and Noise program -- called CLEEN. The program aims to cut fuel burn by a third, reduce nitrogen exmissions by 60 percent and trim cumulative aircraft noise levels by 32 decibels.

The companies will develop technologies for alternative aviation fuels, lighter engines, optimizing flight trajectories with onboard systems and more.

Shares of Boeing fell 2 cents to close at $67.43, while General Electric shares dipped 31 cents, or 2 percent, to finish at $15.08. Honeywell International shares fell 84 cents, or 2 percent, to $41.

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