General Electric (GE) Invading First Solar (FSLR) Turf, Buys Majority Stake In PrimeStar

General Electric (GE) has already said they would have a $1 billion solar business in 3 years. Yesterday, GE backed up that commitment by acquiring a majority stake in PrimeStar Solar. PrimeStar manufactures cadmium telluride (CdTe) thin film photovoltaic modules, just like First Solar (FSLR). Renewable Energy World:

GE Energy announced that it has increased its equity share to a majority interest in PrimeStar Solar, Inc., a solar thin-film technology and manufacturing company. GE already held a minority equity share of PrimeStar Solar. Solar is playing an increasing role in GE Energy’s renewable energy portfolio and is expected to grow even more as energy costs continue to rise, according to the company.

“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 for GE Energy.

See Also:
More Bad News For First Solar (FSLR) et al: GE Sees $1B Business in 3 Years

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.