Author Topic: GE makes $600 million push into solar energy  (Read 4718 times)

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Offline No2NWO

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GE makes $600 million push into solar energy
« on: April 07, 2011, 09:28:12 am »
GE makes $600 million push into solar energy

(Reuters) - General Electric Co (GE.N) kicked off a big push in solar power, unveiling plans to build a new factory that it says will be the largest in the United States and a large round of orders for solar products.

The largest U.S. conglomerate, also a major producer of wind- and gas-powered electric turbines, said it would invest some $600 million in the push, including the 400-megawatt factory that will employ 400 people in a yet-to-be-chosen location.

GE has focused its solar efforts on thin-film technology, which the company sees as more versatile than traditional silicon-based solar panels.

It said it bought the remaining stake in PrimeStar Solar, a maker of thin-film solar panels in which GE first took a majority stake in in 2008.

The move makes the Fairfield, Connecticut-based company a more formidable competitor to First Solar Inc (FSLR.O), the world's biggest stand-alone photovoltaic solar company.

GE Chief Executive Jeff Immelt has said the company views solar as an opportunity similar to wind, a business GE entered about a decade ago and has grown into a multibillion-dollar revenue stream.

Global demand for photovoltaics, which convert sunlight into electricity, is likely to increase by 75 gigawatts over the next five years, GE said in a statement.

GE said the plant will produce enough panels to power 80,000 homes annually.

"Our plan to open a U.S. solar manufacturing facility further demonstrates our confidence in this technology and is just the first phase in a global, multi-gigawatt roadmap," said Victor Abate, vice president of GE's renewable energy business.

GE also announced more than 100 megawatts of new commercial agreements for solar thin-film products.

GE shares were up 2 cents at $20.58 in premarket trading on Thursday.
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Offline jesussdad

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Re: GE makes $600 million push into solar energy
« Reply #1 on: April 07, 2011, 10:21:32 am »
its a bit late but at least they're doing something. will these film units be considerably cheaper?
or will ge be using this to claw back money they will loose from independent energy production?
hell the way things go down they might try to block out the sun once they sell enough units lol.