General Electric will open a $100m factory in the US that will build energy-storage batteries used to help power a new generation of more efficient locomotives, power grids and other industrial gear.

The plant marks the latest step in GE’s efforts to profit from advancements in battery technologies, a centrepiece in chief executive Jeff Immelt’s push to capitalise on mounting demand for more efficient and environmentally friendly ways to produce, distribute and use energy. Mr Immelt predicted that annual sales at GE’s fledgling battery business would swell to $1bn within the next decade.