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Posted: June 11, 2008
GE Becomes Majority Shareholder in Emerging Solar Technology Company
(Nanowerk News) GE Energy today announced that it has increased its equity share in PrimeStar Solar, Inc., an emerging solar thin-film technology and manufacturing company. GE already held a minority equity share of PrimeStar Solar, as announced in September 2007.
PrimeStar Solar, headquartered in Golden, Colo., was formed in June 2006 to develop and commercialize thin-film photovoltaic modules. The company has 60 employees, including a core management team with more than 100 years of thin-film equipment and process experience.
“Increasing our stake in PrimeStar Solar to a majority interest underscores our continuing commitment to solar energy. GE Energy believes that renewable resources, including wind and solar, will play an ever increasing role in the future of the global energy industry,” said Victor Abate, vice president of renewables, GE Energy.
“We are pleased by GE Energy’s vote of confidence in the PrimeStar team,” said Brian Murphy, chairman and CEO of PrimeStar Solar.
Solar is playing an increasing role in GE Energy’s renewable energy portfolio and is expected to grow even more as energy costs continue to rise.
GE Energy is at the forefront of the renewable energy industry. In addition to solar, GE’s renewable energy portfolio consists of wind and biomass. As the leading U.S. supplier of wind turbines, GE Energy’s installed fleet of more than 8,500 1.5-megawatt wind turbines recently surpassed 115 million operating hours in commercial service worldwide.
Renewable energy technologies are key elements 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 2007 revenue of $22 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.