General Electric (GE) plans on increasing its solar production by the start of 2010, the FT reports.
The company’s energy division is one of its few growth stories, but solar has always been a laggard. It contributes less than $200 million in sales. The energy unit as a whole had $17.8 billion in sales for the first two quarters of 2009.
Steve Fludder, the head of the Ecomagination unit said in May that the solar just isn’t profitable yet because it needs scale, and subsidies.
John Krenicki, chief executive of GE Energy Infrastructure, tells the FT, solar will become a “big, multibillion-dollar business…Otherwise we shouldn’t do it.”
Yesterday GE announced an acquisition of Swedish wind power company ScanWind for $18 million. The company will use use ScanWind to beef up its offshore wind operations.
Krenicki says the company would consider acquisitions to bulk up its anemic solar operations.
Business Insider Emails & Alerts
Site highlights each day to your inbox.