GE invests in Soliant Energy

GE invests in Soliant Energy
Stamford, Conn. — GE Energy Financial Services, a unit of GE, has joined a group of investors providing nearly $21 million in venture capital to Soliant Energy (Monrovia, Calif.), which is developing high-efficiency solar modules. The company announced at Solar Power International 2008 in San Diego, California, that it is investing $2.5 million along with support from GE's ecomagination program.

GE Energy Financial Services' venture capital has invested more than $150 million in the last two years in early- and growth-stage energy- and water-related technology companies.

Soliant Energy, founded by NASA Jet Propulsion Laboratory scientists and engineers, is developing what it calls the most efficient and lowest cost rooftop concentration modules for commercial and industrial buildings, 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.

The rooftop concentration modules are expected to 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 maximize the total energy harvest. This increased performance results in lower system costs, high energy density and a corresponding high return on investment. Soliant plans to open a 40-megawatt production plant late next year.

In addition, the U.S. Department of Energy is providing Soliant Energy with $4 million as part of the government's Solar America initiative designed to spur innovation in solar power.