EVENDALE, Ohio - March 16, 2001 -- CargoLifter Development GmbH has selected GE Aircraft Engines (GEAE) as the supplier of engines for a new fleet of airships now under development.The potential value of the engine and maintenance agreement to GEAE is worth more than $500 million.Based in Brand, Germany, CargoLifter selected GEAE's CT7-8 turboshaft engine to power the eight-engine CL160 Airship. The agreement with GEAE also includes a 10-year, engine maintenance contract.CargoLifter plans initially to manufacture at least 50 CL160 Airships. The helium-filled Airship, which is 260 meters in length, is designed to carry oversized cargo weighing more than 160 tons at a maximum height of 2,000 meters non-stop over several thousand kilometers.The first engine deliveries are expected to begin in 2002, which will be followed by the first flight of the CL160 prototype. CargoLifter anticipates an Airship production schedule to continue throughout this decade and beyond."The CL160 Airship is an exciting new application for the CT7-8," said Russ Sparks, vice president of Military Engine Operations at GEAE. "We look forward to a long and rewarding relationship with CargoLifter."The recently-certified CT7-8 engine, developed jointly by GE and FiatAvio of Italy, is part of GEAE's storied T700/CT7 family of turboprop and turboshaft engines, which power 25 helicopters and fixed-wing aircraft in more than 55 countries.GEAE, the world's largest jet engine producer, is a business unit of General Electric Company, a diversified manufacturing, technology and services company with operations in more than 100 countries, consolidated revenues of $129 billion and net earnings of $12.7 billion in 2000.