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Planned Acquisitions Adding Major Capabilities to GE’s Global Energy Portfolio BARCELONA, SPAIN (May 25, 2004) — Further expanding its portfolio of technology and services for the global power market, GE Energy recently announced plans to add significant capabilities in the areas of solar energy and gasification technology. Since the end of March, GE Energy has announced its intent to acquire the U.S. business assets of AstroPower, a leading manufacturer of solar electric power products; and ChevronTexaco’s gasification technology business. “These acquisitions support our on-going strategy to provide our customers with the energy industry’s most comprehensive range of power generation technology solutions,” said John Rice, President and CEO of GE Energy. “The resources and capabilities that we are gaining will further enrich our capabilities to serve all sectors of the power industry.” AstroPower With its acquisition of AstroPower, GE Energy will add solar power to its growing family of renewable energy options. AstroPower has developed, manufactured, marketed and sold a range of solar energy products including solar cells, modules and panels, as well as its SunChoice™ pre-packaged systems. Solar electric power systems provide a clean, renewable source of electricity in both off-grid and on-grid applications. “Solar power has great potential, since solar cells can be utilized almost anywhere,” Rice said. “It already is a cost-effective source of power in many remote, off-grid locations, and as system costs come down over the next few years, we expect demand will increase for on-grid residential and commercial applications.” ChevonTexaco gasification business With this agreement, GE will broaden its gasification plant offerings and further expand its capabilities to provide coal power generation that produces fewer air pollutants than conventional coal combustion. GE Energy is a long-time leader in the global integrated gasification combined-cycle (IGCC) industry and has supplied gas turbines for more than 60% of the world's operating IGCC plants. The ChevronTexaco gasification technology business has been developing and licensing gasification-related intellectual property for use in the chemicals, electric power and hydrogen-producing industries for more than 50 years. Gasification converts coal, petroleum liquids and other hydrocarbon materials into synthesis gas, which is generally used for the production of process chemicals and power. “By combining ChevronTexaco’s established gasification technology with the complementary capabilities of GE Energy, we will create an even broader portfolio of products and services for energy and industrial applications worldwide,” said Rice. About GE Energy GE Energy (www.gepower.com) is one of the world’s leading suppliers of power generation and energy delivery technology, with 2003 revenues of nearly $18.5 billion. Based in Atlanta, Georgia, GE Energy provides equipment, service and management solutions across the power generation, oil and gas, transmission and distribution, distributed power and energy rental industries. > Press Contacts > More 2004 Press Releases