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August 9th, 2007
Another way the company is looking to profit from clean energy is by moving aggressively into solar energy. It might even surprise some investors to learn that BP Solar -- a key business with BP Alternative Energy -- is already one of the largest and most profitable solar companies in the world. Moreover, it's clear that the company is determined to maintain this position, and its growing strength could make life a little uncomfortable for some of the more modest-sized solar companies such as Evergreen Solar and Trina Solar.
In 2006, BP Solar signed a deal with REC Corp to supply it with silicon for the next five years, and the company plans to invest $8 billion in wind, solar, and hydrogen power over the next decade. Currently, it's teaming up with the California Institute of Technology to develop radical new nanotechnology-based methods for manufacturing solar cells and modules.
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