June 25, 2008
GE Energy, GAF Materials Corporation Form Alliance to Bring Solar Energy to Homes and Businesses
GE Energy and GAF Materials Corporation (GAF), two companies with more than 100 years of experience in the energy and roofing industries respectively, announced today a new strategic alliance to market and ultimately develop solar systems and roofing systems for commercial and residential customers.
GE Energy and GAF now offer customers one-stop shopping for new roofs and solar electric systems. Customers interested in purchasing a new roof can have a solar system installed at the same time, providing customers with a more convenient solution for their homes and businesses.
"Combining the expertise and experience of two companies who are leaders in their business sectors, this agreement will help to further advance the use of solar energy technology in both residential and commercial applications across North America," said Victor Abate, vice president of renewables for GE Energy. "It underscores GE's continuing commitment to increase the role that renewable resources such as wind and solar can play to meet our nation's future energy needs."
Dave Harrison, senior vice president and chief marketing officer of GAF added, "We are pleased to collaborate with GE Energy on solar roofing applications. Solar is a natural fit for our WeatherStopper(R) roofing systems, which are designed to give property owners their best and safest choice in roofing. This strategic alliance with GE Energy will ultimately provide the entire industry with a powerful solution for designing and constructing properties for both new construction and property improvement projects that address today's fast-evolving, environmentally conscious consumer values, including energy efficiency."
GAF is North America's largest manufacturer of residential and commercial roofing, with a network of more than 12,000 contractors, distributors and roofing installers nationwide.
Worldwide demand for reliable, affordable and renewable energy has fueled the solar industry's 40 percent growth rate since 2005, according to the Solar Energy Industries Association. Strong growth is expected to continue, putting solar among the fastest growing renewable energy segments in the global power industry.
Further expanding its commitment to the solar energy industry, GE Energy recently increased its equity share in PrimeStar Inc., an emerging solar thin-film technology and manufacturing company.
GE Energy is a global leader in supplying technology and services for renewable energy, which will be an integral part of the world energy mix throughout the 21st century. In addition to solar energy, GE's renewable energy portfolio also includes wind power and biomass.
About GAF Materials Corporation
GAF Materials Corporation is a world-class building products manufacturer with a foundation as North America's largest roofing manufacturer. Unlike most competitors, GAF does not have a vested interest in any specific roof technology, and therefore can focus on understanding customer's needs and then recommending the best solutions for repairing, maintaining, restoring or replacing a roof system. GAF markets the broadest solutions for Green Roofs including shingle and membrane systems that can be recycled, are Energy Star rated for reflectance, are vegetative and now can even incorporate solar powered renewable energy. For additional information on the GAF WeatherStopper Systems visit www.gaf.com
About GE Energy
GE Energy (www.ge.com/energy) is one of the world's leading suppliers of power generation and energy delivery technologies, with 2007 revenue of $22 billion. Based in Atlanta, Georgia, GE Energy works in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; and other alternative fuels. Numerous GE Energy products are certified under ecomagination, GE's corporate-wide initiative to aggressively bring to market new technologies that will help customers meet pressing environmental challenges.
GE is Imagination at Work--diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing and media content, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at http://www.ge.com.
For more information on this alliance visit www.gaf.com/solar.