California, United States [RenewableEnergyWorld.com] Intel Corporation is spinning off the key assets of a start-up business effort inside its New Business Initiatives group to form an independent company called SpectraWatt Inc. SpectraWatt will manufacture and supply solar photovoltaic (PV) cells to solar module makers.
SpectraWatt expects to break ground on its manufacturing and advanced technology development facility in Oregon in the second half of 2008 with first product shipments expected by mid-2009.
Intel Capital, Intel’s global investment organization, is leading a US $50 million investment round in SpectraWatt and is joined by Cogentrix Energy, LLC, a wholly owned subsidiary of The Goldman Sachs Group, Inc., PCG Clean Energy and Technology Fund and Solon AG. The transaction is expected to close in the second quarter of 2008.
“SpectraWatt is a great example of technology resulting from entrepreneurial efforts inside Intel,” said Arvind Sodhani, President of Intel Capital and Intel Executive Vice President. “This is an important investment for Intel Capital in the growing cleantech sector and we look forward to working with the company to support its expansion.”