GE said today 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.

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.

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  1. Yep, GE is going long on renewable energy, last week at Solar Power International 2008, they actually had a booth at the event, I think this is the first year I have seen them with that type of representation at a solar power trade show. Also I noticed piper jaffray had a huge presence this year, which shows many financial firms are betting on renewable energy!

  2. General Electric confirms commitment to green technologies — Sustainable Kentucky Wednesday, October 22, 2008

    [...] Electric has announced that it will continue making significant investments in green technologies despite the economic downturn.  GE made an equity investment in transportation battery maker [...]

  3. Apollo Daily Digest » Blog Archive » October 23, 2008: The UN Calls For A Green New Deal Thursday, October 23, 2008

    [...] Despite reports asserting that the economic crisis had lead General Electric to abandon new clean energy investments, the company said yesterday that it expects revenue from its “Ecomagination” line to grow by 21 percent this year. [...]

  4. This is not a new funding – based on the Registration Statement that A123 has on file with the SEC. The $102 million Series E round was all in the first half of 2008. Here’s what the company says in its registration statement:

    On May 6, 2008, May 30, 2008 and June 16, 2008, we sold an aggregate of 6,152,553 shares of our series E convertible preferred stock to 15 accredited investors at a purchase price of $16.59 per share for aggregate proceeds of $102.1 million.

  5. GM Reportedly Close to Deal With LG Chem for Volt Battery « Earth2Tech Thursday, October 23, 2008

    [...] — the company filed August — as its stock would likely take a hit this morning (though GE did announce that it had upped its stake in A123 yesterday). But the Reuters report also says that GM could continue to work with Continental and [...]

  6. I for one am glad to see GE invest in green technologies. Not only does our country need it but the entire world does. And who better to get behind the project than one of the most successful companies the world has ever seen. I wish them all the luck in the world.

  7. Beyond the Valley, GE is the Ultimate Green VC « Earth2Tech Wednesday, February 25, 2009

    [...] be keeping busy. In the past, GE has invested in startups as diverse as smart grid company GridNet, lithium-ion battery maker A123 Systems and purification company Advanced Electron [...]

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  9. Battery Maker A123Systems Charges Up With $69M Monday, April 13, 2009

    [...] GE has sure taken a fancy to the battery maker — this is the seventh investment from GE Energy Financial Services and GE Capital’s Equity unit, and at $15 million it brings GE’s investment in A123Systems to $70 million. GE now owns more than 10 percent of A123Sytems and is the battery maker’s largest cash investor. GE made its sixth investment in A123Systems just back in October. [...]

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