GE Becomes Majority Shareholder In Emerging Solar Technology Company

June 12, 2008 by Jeff Shepard

GE Energy 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, Colorado, 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.

GE Energy states that solar is playing an increasing role in its renewable energy portfolio and is expected to grow even more as energy costs continue to rise.