GE seems to be reacting to all those stories about how the recent financial turmoil will throw a wrench in renewable energy by emphasizing that yes, it will continue to invest in green technologies. This morning the company said that through GE Commercial Finance, Equity and GE Energy Financial Services it made its sixth equity investment into lithium-ion battery maker A123Systems, raising its stake to $55 million.
That announcement comes on the heels of GE sending out a press release yesterday claiming that “amidst global economic turbulence,” revenues from the company’s green Ecomagination line will grow 21 percent to $17 billion this year, while its investment in green R&D will grow beyond $1.4 billion. And it estimates that by 2010, its annual eco revenues will grow to $25 billion.
GE Chairman and CEO Jeff Immelt said:
“There is a green lining among the current economic stormclouds and GE customers and investors are benefiting.”
At the Solar Power International conference last week, GE Energy Financial Services announced that it had invested $2.5 million into Soliant Energy, a maker of rooftop concentrating photovoltaic systems. OK, OK, we believe that the company is still committed to green. Though let’s see if the credit crunch, and dropping oil and natural gas prices, get drawn out long enough to actually make GE change its tune.