GE is concentrating its efforts on manufacturing solar technologies, to make them both more efficient and cheaper. In collaboration with PrimeStar Solar, a company that GE owned a majority stake in but has now acquired in full, GE has manufactured the most efficient cadmium telluride thin film solar cell on the market.
In a statement, GE referred to the technology as the "most affordable solar technology in the industry." Meanwhile, its efficiency was verified by the National Renewable Energy Lab, who said GE's new technology had a 12.8% aperture area efficiency. This, GE said, "surpasses all previously published records for CdTe thin film."
GE is so excited about this new technology that it has announced it will spend $600 million in manufacturing to bet on its solar energy presence. The company plans to establish a manufacturing base in the United States for this new technology, expected to employ some 400 workers, and create some 600 jobs, manufacturing some 400 MW (that's megawatts) of solar panels annually. The energy company has not yet announced the location of this new manufacturing facility, but it will be the biggest of its kind in the United States. This is huge news from a company that is ignoring trends of other companies, who are quick to outsource to emerging economies, like China or Vietnam.
GE's business partners have apparently bought in, too, with NextEra Energy ordering some 60MW of panels to date, as well as new GE Brilliance inverters - another new technology that the energy giant has just unveiled. Another GE partner, Invernergy, has ordered some 60MW of thin-film solar panels.
The company has been looking into "green" energy technologies for some time. Previously, GE concentrated on wind energy, with some $6-billion of wind energy business. The company calls wind energy a "$6 billion platform." But GE clearly wants to expand into solar energy, and wants to break down solar's largest opponent - cost - in making it accessible to everyone.
Of course, GE is not alone in its exploration of the solar potential. It faces plenty of domestic competition, such as American firm First Solar, plus overseas competition from China, where the government can speed things along - or not. It remains to be seen if GE can keep up with other businesses or other countries that can keep up with the demand for clean energy solutions.
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