STAMFORD, Conn., Feb. 1, 2005 — GE Commercial Finance announced that it is launching an initiative to provide financial solutions to the growing number of companies focused on clean energy and related technologies. The initiative is a joint effort of GE Commercial Finance’s Technology Lending and Energy Financial Services businesses.
Technology Lending, a unit of Global Media & Communications, provides debt financing to technology-related businesses, including emerging growth companies. Energy Financial Services provides financial products including structured equity, leveraged leasing, partnerships and project finance to companies throughout the energy industry.
The joint initiative combines the structuring and underwriting expertise of Technology Lending and the industry expertise of Energy Financial Services to provide a full range of financing products and services to companies that deliver clean or renewable energy directly, or develop new technologies for cleaner and more efficient energy generation and distribution. Among the key market segments are distributed generation, including fuel cells, solar/photovoltaics, wind and wave power technology, and biomass gasification; oil & gas, including “clean fuels”; pollution control technologies; transportation components, including motors; energy storage; energy related information technology; and transmission and distribution.
“Broad global trends are encouraging development and application of clean energy technologies,” said Bill DeMars, managing director, Technology Lending. “These trends include renewable energy mandates and incentives in the European Union and Japan, as well as in many U.S. states, and stricter standards on release of pollutants, particulates and ‘greenhouse gases.’
“At the same time, market demand is spurred by the declining cost of energy from renewable sources as well as the increasing consumer awareness of ‘green’ energy generation,” DeMars said. “This market is poised for long term growth and offers a significant opportunity to companies that lead in technological innovation and responsiveness to business and consumer interest in clean energy.”
“Demand for capital is growing for clean energy and related fields, and our new venture is designed to meet that demand,” said Matthew Siegel, managing director, Energy Financial Services.
In addition to the specific expertise of the Technology Lending and Energy Financial Services teams, the joint initiative will draw on GE Global Research, one of the world’s most diversified industrial research labs, which provides innovative technology for all of GE’s businesses.
Of particular note, GE’s Technology Lending and Energy Financial Services businesses are teaming to co-sponsor the Cleantech Venture Forum VI, March 22-24, 2005 in San Francisco. The Cleantech Venture Forums are the premier showcases for venture-grade, emerging clean technology investment opportunities.
About GE Commercial Finance Technology Lending [ www.getechnologylending.com ]
A unit of Global Media & Communications, Technology Lending provides debt financing to Technology related businesses. Industry segments include: Communications, Electronics, Energy, Hardware, Information Technology, Logistics, Semiconductor, Software, Supply Chain Management, and Other Emerging Technologies.
With over $5 billion in assets and offices in Atlanta, Chicago, Delhi, Hong Kong, London, New York, Norwalk, and San Francisco, Global Media & Communications represents a “one-stop” source for the comprehensive range of GE’s lending and other structured financial services offered to the media, telecom, leisure & entertainment, and technology industries.
About GE Commercial Finance Energy Financial Services [ www.geenergyfinancialservices.com ]
GE Commercial Finance Energy Financial Services, based in Stamford, Connecticut, invests about $3 billion annually in the world’s most capital-intensive industry, energy. With more than $11 billion in assets under management, GE Commercial Finance Energy Financial Services offers structured equity, leveraged leasing, partnerships, project finance and broad-based commercial finance to the global energy industry from wellhead to wall socket.
About GE Commercial Finance [ www.ge.com ]
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $230 billion and is headquartered in Stamford, Connecticut. General Electric is a diversified technology, media and financial services company dedicated to creating products that make life better.