SOLAR INTEGRATED TECHNOLOGIES AND GE COMMERCIAL FINANCE ENERGY FINANCIAL SERVICES COLLABORATE ON INNOVATIVE SOLAR SCHOOL PROJECT

Roofs that generate solar electricity are covering San Diego schools in an innovative project that Solar Integrated Technologies and GE Commercial Finance Energy Financial Services announced today. The solar panels, which double as roofs, are manufactured by Solar Integrated, a Los Angeles company listed on the London Stock Exchange AIM (SIT.LN). 

After an initial investment of approximately $17 million for the project, GE Commercial Finance Energy Financial Services has the right of first refusal on up to $500 million to fund existing and prospective solar roofing projects as they come from Solar Integrated. 

The first to benefit from the arrangement will be the San Diego City Schools, which estimates it will save millions in roofing and energy costs over the next 20 years. A total of 14 San Diego schools expect the new solar roofing systems to be operational in the next few weeks, followed by additional installations over the next two years.

The transactions help California, which has to generate 20 percent of its electricity with renewable sources by 2017. In addition, Solar Integrated’s factory benefits from its location: It’s in a U.S. Historically Underutilized Business Zone and California Enterprise Zone in the Alameda Corridor of South Los Angeles, so it qualifies for government incentives for economically distressed communities.

“Our relationship with GE Commercial Finance Energy Financial Services is groundbreaking in the solar energy sector. It will help accelerate our global penetration of the $20 billion-plus industrial roofing market,” said Jon Slangerup, Solar Integrated’s CEO. “This exciting collaboration results, in large part, from tremendous synergies between our two companies.”

GE Commercial Finance Energy Financial Services sees solar and renewable energy as organic growth markets.

“Everybody wins with this transaction. Solar Integrated serves its customers better. San Diego schools get new roofs and cleaner energy. A distressed community in South Los Angeles sees more manufacturing jobs. And GE expands, serving an even wider spectrum of the energy market,” said Daniel Gross, senior vice president of Renewable Energy at Energy Financial Services.

GE, drawing on its extensive process management experience, is also making available to Solar Integrated its “At the Customer, For the Customer” program, or ACFC. Through ACFC, GE shares its tools, executive talent and best practices to help clients grow.

About GE Commercial Finance Energy Financial Services

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, 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. For more information, visit www.geenergyfinancialservices.com.

About GE Commercial Finance

GE Commercial Finance, the parent company of GE Commercial Finance Energy Financial Services, offers businesses around the globe an array of financial products and services, has assets of over $230 billion and is headquartered in Stamford, Connecticut, USA.

About GE

GE (NYSE: GE) is Imagination at Work -- a 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, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit www.ge.com.

About Solar Integrated Technologies

Solar Integrated Technologies is a global leader in the manufacture and development of “building integrated” photovoltaic systems for commercial roofing and mobile power applications enabling the production of reliable, renewable and economic electrical power. Customers include Coca Cola Enterprises, Frito-Lay, San Diego City Schools and other municipal and blue chip companies. For more information, visit www.solarintegrated.com.

Forward-Looking Statements

This press release contains statements (such as projections regarding future performance) that are forward-looking statements as defined in the Securities Litigation Reform Act of 1995.  Actual results may differ materially from those projected as a result of certain risks and uncertainties.

Contacts:

Solar Integrated Technologies
Jon Slangerup	Los Angeles     +1 323 231 0411
Gavin Anderson & Company
Ken Cronin or Deborah Walter	London             (0)20 7554 1400
GE Commercial Finance
Andy Katell	Stamford           +1 203 961 5773
San Diego City Schools
Erika Wilgenburg	San Diego         +1 619 725 5602