GE Energy (NYSE: GE) announced it is acquiring a minority stake in PrimeStar Solar, Inc., an emerging solar thin-film technology and manufacturing company.
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 leading management team in thin-film.
“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.
Under GE’s ecomagination initiative, 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.
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