GE Energy Financial Services, a unit of GE (NYSE: 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 is investing $2.5 million in the Monrovia, CA-based company–founded by NASA Jet Propulsion Laboratory scientists and engineers to develop solar technology for commercial rooftop space. GE estimates that commercial and industrial buildings comprise 60% of the total roof area in the United States, creating a market for rooftop solar that will reach $13.2 billion by 2010.
Soliant’s rooftop are compatible with conventional racks and inverters, and its modules leverage high efficiency solar cells and integrated two-axis tracking to maximize the total energy harvest.
Soliant plans to open a 40 megawatt 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.
"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 Center in Niskayuna, New York, which evaluated Soliant’s technology.
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.
About Soliant Energy
Soliant Energy is funded by leading energy and renewable technology investors, including GE Energy Financial Services, Convexa Capital, Rockport Capital Partners, Nth Power, Trinity Ventures and Rincon Venture Partners. Soliant is also supported by the US Department of Energy, and technology partners such as Boeing Spectrolab, Emcore, 3M, MIT, Sandia National Labs and SunEdison. Founded in 2005 by a core team of experienced NASA JPL engineers, Soliant will ship its first products for commercial rooftop applications in late 2009.
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