To spur new development and demand for renewable energy sources, Intel Corp. is spinning off key assets of a start-up business effort inside Intel’s New Business Initiatives group to form an independent company called SpectraWatt Inc. Intel Capital, Intel’s global investment organization, is leading a $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 ("CETF") and Solon AG. The transaction is expected to close in the second quarter of 2008.
SpectraWatt will manufacture and supply photovoltaic cells to solar module makers. In addition to focusing on advanced solar cell technologies, SpectraWatt will concentrate development efforts on improvements in current manufacturing processes and capabilities to reduce the cost of photovoltaic energy generation.
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.
"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."
"The formation of SpectraWatt is an important step forward in the renewable energy market," said Andrew B. Wilson, SpectraWatt CEO and former General Manager in the Intel New Business Initiatives group. "We are pleased to work with these companies in the goal of moving toward long-term national energy independence."
"We are very proud to be part of this exciting new venture," said Thomas Krupke, CEO of Solon AG. "With the experience and commitment of all companies involved, we are confident to reach our common goal – advancing solar technology to a new stage."
