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GE Co. has had a rough time on Wall Street lately, and its shares are trading near a five-year low. But the company is generating some positive vibes in its GE Energy unit and its recent investments in alternative energy sources such as wind and solar. GE Energy had 2007 revenues of $22 billion.
On June 11, GE Energy, Schenectady, N.Y., 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.
According to a BusinessWire press release, 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 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.
In addition to solar, GE’s renewable energy portfolio consists of wind and biomass. The company says it’s the leading U.S. supplier of wind turbines, and that its 8,500-plus 1.5-megawatt wind turbines recently surpassed 115 million operating hours in commercial service worldwide.
GE said it plans to invest $1.5 billion annually in research in cleaner technologies by 2010, up from $700 million in 2004.