GE To Make Strategic Investment in Emerging Solar Technology Company
ATLANTA--(BUSINESS WIRE)--GE Energy (NYSE: GE) today announced that it has reached an agreement to acquire a minority equity interest in PrimeStar Solar, Inc., an emerging solar thin-film technology and manufacturing company.
“PrimeStar Solar is excited to work with GE to accelerate our plans for large-scale commercialization of low-cost, high efficiency solar technology”
PrimeStar Solar, headquartered in Golden, Colo., was formed in June 2006 to develop and commercialize thin-film photovoltaic modules. The company has 31 employees, including a core management team with more than 100 years of thin-film equipment and process experience.
“Solar energy will play an important role in the future of the global energy market and is an integral part of our renewables portfolio,” said Victor Abate, vice president of renewables, GE Energy. “Our goal, through this investment, is to place GE’s solar business in a strategic position in the thin-film solar industry, adding to GE's diverse range of energy generation technologies.”
“PrimeStar Solar is excited to work with GE to accelerate our plans for large-scale commercialization of low-cost, high efficiency solar technology,” said Brian Murphy, chief executive officer of PrimeStar.
In March 2007, GE’s solar business was selected for the U.S. Department of Energy’s Solar America Initiative, a cost-shared, three-year cooperative agreement to drive down the cost of electricity to make solar energy competitive with other power generation technologies.
Solar power is also among the renewable energy technologies that play a key role in ecomagination, GE’s corporate-wide initiative to address challenges such as the need for cleaner, more efficient sources of energy, reduced emissions and abundant sources of clean water. Under ecomagination, which was launched in May of 2005, GE will invest $1.5 billion annually in research in cleaner technologies by 2010, up from $700 million in 2004.
About GE Energy
GE Energy (www.ge.com/energy) is one of the world’s leading suppliers of power generation and energy delivery technologies, with 2006 revenue of $19 billion. Based in Atlanta, Georgia, GE Energy works in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; and other alternative fuels. Numerous GE Energy products are certified under ecomagination, GE’s corporate-wide initiative to aggressively bring to market new technologies that will help customers meet pressing environmental challenges.