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2 April 2004 - GE Energy announced it has completed its acquisition of substantially all of the US business assets of AstroPower, Inc., a leading manufacturer of solar electric power products.
AstroPower had filed a Chapter 11 petition for bankruptcy on February 1, 2004 to allow for the sale of its assets and to meet other obligations. The transaction with GE was subject to competitive bidding and Bankruptcy Court approval. These procedures were completed on March 12, 2004.
Based in Newark, Delaware, AstroPower developed, manufactured, marketed and sold a range of solar energy products including solar cells, modules and panels, as well as its SunChoice pre-packaged systems. Solar electric power systems provide a clean, renewable source of electricity in both off-grid and on-grid applications.
"Solar power has great potential, since solar cells can be utilized almost anywhere," said John Rice, president and CEO of GE Energy. "It already is a cost-effective source of power in many remote, off-grid locations, and as system costs come down (over the next few years), we expect demand will increase for on-grid residential and commercial applications."
GE Energy's solar business will remain headquartered in Delaware. Ali Iz has been appointed the business leader of the new organization with the majority of AstroPower's current employees being transferred to GE. "Adding the resources of AstroPower to GE Energy's line of renewable energy power generation options supports our on-going commitment to provide customers with the broadest possible range of energy solutions for the 21st century," Rice said.
Solar joins wind, hydro and other renewable energy technologies now in the GE Energy portfolio. The company entered the wind power industry in 2002 with the acquisition of certain assets of Enron Wind, and since then GE's wind energy operations have grown into a $1.3bn business.
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