Info
Info
News Article

GE Unit Invests In Solar Panel Maker Soliant Energy

News
GE Energy Financial Services, a unit of GE, is giving a jolt to solar power pioneer Soliant Energy by joining a group providing the company with nearly $21 million in venture capital.
GE Energy Financial Services announced that it is investing $2.5 million and providing the power of GE's ecomagination programme to Soliant. The Monrovia, CA based company, founded by NASA Jet Propulsion Laboratory scientists and engineers, is developing what it intends to be the most efficient and lowest cost technology to generate electricity from the sunlight that shines on commercial rooftops, a market it estimates will reach $13.2 billion by 2010. GE estimates that commercial and industrial buildings comprise 60 percent of the total roof area in the United States.

Soliant's goal is to deliver commercial building owners the highest return on their solar investment. The company's rooftop concentration modules aim to be the market's most efficient, and will deliver the highest total energy yield when integrated into complete rooftop systems. Compatible with conventional racks and inverters, its modules leverage high efficiency solar cells and integrated two axis tracking to maximise the total energy harvest. This increased performance results in lower system costs, high energy density and corresponding high return on investment. Soliant plans to open a 40 MW production plant late next year.

GE's vote of confidence in Soliant's technology adds to Soliant's development efforts, supported by the US Department of Energy, which is providing the company with $4 million as part of the government's “Solar America” initiative designed to spur innovation in solar power.

Art Buckland, Soliant's CEO, said, "GE's strategic investment is validation that our approach provides commercial customers with the lowest cost solar electricity at the plug."

GE is focusing on solar power as part of ecomagination, the company's program to help its customers meet their environmental challenges while expanding its own portfolio of cleaner energy products.

“Concentrating photovoltaic solar power is especially viable for space constrained applications such as commercial rooftops, and Soliant is well positioned with its elegant design, market leading efficiency and potential for low installed cost per kilowatt hour of energy produced,” said Kevin Walsh, Managing Director and leader of renewable energy at GE Energy Financial Services.

Taking advantage of GE's wide ranging capabilities, GE Energy Financial Services made its investment decision with the benefit of technical input from the GE Global Research Centre in Niskayuna, New York, which evaluated Soliant's technology.

GE Energy Financial Services' seven member venture capital group led this investment. With offices in Boston, Stamford, CT, San Francisco, and Munich, Germany, the group has invested more than $150 million in the last two years in early and growth stage energy and water related technology companies.

GE joins Soliant's other investors in its latest funding round, led by Convexa Capital. Earlier investors include RockPort Capital Partners, Nth Power, Trinity Ventures and Rincon Venture Partners.
Q CELLS Solar Modules Keeping The Lights On For Dutch Bulb Grower
Analysis Of UK Commercial Roof Space Shows Solar PV Film Can Achieve Net Zero Without Greenfield Sites
Ib Vogt Achieves Financial Close And Start Of Construction Of 116 MWp Solar PV Project In Malaysia
The Smarter E South America Postponed To October 18-20, 2021
Greencoat Renewables Announces First Transaction In Nordic Market
Winch Energy Closes Largest Mini Grid Financing Portfolio To Date
US Solar Fund To Acquire Up To 50% Of 200MWDC Mount Signal 2
Leclanché Selected By ENERGODATA To Provide Battery Storage
AEG Power Solutions Equips The Microgrid Laboratory Emulator Of Paderborn University
SolarArise Commissions 75 MW Solar Plant In Uttar Pradesh
SunBrush Mobil And Infinity Establish Service Base At Benban, Africa's Largest Solar Park
Oakapple Renewable Energy Appoint Stuart Gentry To Head Business Development
VivoPower International PLC Announces Completion Of Electrical Works For 39 MWdc Molong Solar Farm
SUNfarming Reaches Financial Close On Project Financing For 26 MWp PV Portfolio In Poland
BayWa R.e. And HeidelbergCement Sign First Solar Corporate PPA In Polish History
Sonnedix Brings Chile Closer To Meet Its Renewable Power Targets
Solar Energy For Water Treatment: IBC SOLAR Helps Water Authority Become More Sustainable
Sonnedix Adds 40 MW Of Capacity To Its Portfolio In Chile
SUNfarming Secures EUR 10 Million In Fresh Money For Poland
International Solar Alliance Special Assembly Elects Dr Ajay Mathur As New Director General
Going Green In Lancashire – Hundreds Of Houses Installed With Solar Panels In Ground-breaking Project
Driving Efficiency Through Flexible Solar Power Solutions
Sonnedix Acquires 150MW Utility Scale Project Located In Central Chile
Luxcara And GE Renewable To Deliver 753 MW To Sweden With Single Onshore Wind Farm

×
Search the news archive

To close this popup you can press escape or click the close icon.
Logo
×
Logo
×
Register - Step 1

You may choose to subscribe to the Solar + Power Magazine, the Solar + Power Newsletter, or both. You may also request additional information if required, before submitting your application.


Please subscribe me to:

 

You chose the industry type of "Other"

Please enter the industry that you work in:
Please enter the industry that you work in:
 
X
Info
X
Info
{taasPodcastNotification} Array
Live Event