A solar bonanza for GE.
General Electric Co expects its nascent solar-energy business to hit the $US1 billion annual revenue mark over the next three years or so, the head of its energy arm said.
The unit currently has over $US100 million in revenues…”If you think about the solar that’s on the market today, it’s six, seven times more expensive than wind,” Mr Krenicki said. “Solar requires material science breakthroughs, which is something that GE is good at.”
The Fairfield, Connecticut-based conglomerate expects to apply lessons learned in quickly building its wind business — which is on track to hit the $US6 billion revenue mark this year –to solar, Mr Krenicki said.
“We’re not going to dabble in the solar business,” Mr Krenicki said. “We will put the pedal to the accelerator once it is very clear what our competitive advantage is.”