GE will fund Soliant

SAN DIEGO, Oct. 15 (UPI) -- GE Energy Financial Services announced it will give solar-panel manufacturer Soliant Energy Inc. nearly $21 million in capital.

GE made its announcement at the Solar Power International conference in San Diego.

Soliant, based in Monrovia, Calif., was founded by NASA Jet Propulsion Laboratory scientists and engineers. The start-up company is working to develop more efficient and lower-cost solar power technology.

Soliant said it estimates the solar power industry will reach $13.2 billion by 2010, and GE estimates that commercial buildings account for 60 percent of the total roof area in the United States. Soliant's goal is to deliver commercial building owners the highest return on their solar investment.

Soliant is also being supported by the U.S. Department of Energy, which is providing the company with $4 million as part of the government's "Solar America" initiative.