GE Invests $63 Million in Eco-Friendly Companies
Last week, General Electric (NYSE:GE) announced its plan to invest $63 million towards developing commercial partnerships with 10 home energy technology companies. With this latest investment, GE has put a total of $134 million into its ongoing Ecomagination Challenge, which provides funding and project assistance to companies helping grow clean energy. 10 Solar Stocks You Must Add to Your Investing Watch List Now>>
Of the companies benefitting from this partnership, SunRun is the only residential solar energy provider. The “solar leasing” supplied by companies such a SunRun offers consumers a way to take advantage of solar energy to lower their electricity costs. As solar technology becomes more efficient, the upfront installation and maintenance become more reasonable for consumers. Eco-friendly conglomerates such as GE (NYSE:GE) and Google (GOOG) are beginning to take note. Earlier this month, Google set forth a plan to create a $280 million fund to finance SunRun competitor SolarCity’s home solar energy solutions.
Google’s (NASDAQ:GOOG) SolarCity fund trumps GE’s investment, but the partnerships are different in both cases. For the time being, SunRun and GE are developing a commercial partnership, while Google will directly finance some of SolarCity’s energy projects. However, given GE’s commitment to solar energy over the years, it would not be suprising to see SunRun draw in more investment as the partnership evolves.
Solar Companies to Watch: First Solar (NASDAQ:FSLR), SunPower Corporation (NASDAQ:SPWRA), Suntech Power Hldgs. Co., Ltd. (NYSE:STP), Trina Solar Limited (NYSE:TSL), Yingli Green Energy Hold. Co. Ltd. (NYSE:YGE), MEMC Electronic Materials, Inc. (NYSE:WFR), Evergreen Solar, Inc. (NASDAQ:ESLR), Energy Conversion Devices, Inc. (NASDAQ:ENER), DayStar Technologies Inc. (NASDAQ:DSTI), and Ascent Solar Tech., Inc. (NASDAQ:ASTI)
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