Atlanta, Georgia [RenewableEnergyAccess.com] GE Energy yesterday 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, headquartered in Golden, Colorado, was formed in June 2006 to develop and commercialize thin film photovoltaic modules.
“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.”
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 to research and develop cleaner technologies by 2010, up from $700 million in 2004.