General Electric’s (GE) nascent solar business now grosses only $100 million, but GE expects this to grow to $1 billion within three years.
This is a pittance compared to GE’s $173 billion of revenue last year, but it would rapidly put the conglomerate in the same league as First Solar (FSLR) et al. First Solar grossed $634 million last year and is projected to generate a shade over $1 billion this year.
Chief executive of GE Energy John Krenicki talks about putting the full resources of GE behind the solar business:
We’re not going to dabble in the solar business. We will put the pedal to the accelerator once it is very clear what our competitive advantage is.
The race in solar is all about efficiency. Whoever can make that price go down the fastest will win.
Can First Solar and co. hold off a dedicated GE? First Solar’s CEO might not think so: He has dumped half his stock.
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