News

SpectraWatt Sets Up Headquarters In New York

April 13, 2009 by Jeff Shepard

SpectraWatt, Inc. announced its intention to establish the company’s first factory and its new headquarters at the Hudson Valley Research Park in Hopewell Junction, New York. The move would initially create over 100 jobs in the New York region within the first year of operation.

"Between the skilled work force, outstanding support from the Empire State Development Corp. and the valuable programs offered by the New York State Energy Research and Development Authority, the decision to locate in New York was very easy for us," said Andrew Wilson, CEO of SpectraWatt. "We look forward to building a successful future from our new home in the Empire State."

The company, which is in the process of moving from their previous location in Oregon, aims to be in production early in 2010. SpectraWatt’s first factory line will have an initial manufacturing capacity of 60MW; additional lines are already being planned with site capacity exceeding 120MW within the first two years of operation.

"The solar industry has grown forty-one percent annually in recent years and, according to some forecasts, is expected to continue growing at a thirty-seven percent growth rate over the next five years. The solar industry is perhaps the fastest growing high technology industry in the world today," said Marisa Lago, CEO and President, Empire State Development (ESD). "With its significant capital investment and creation of many high-paying jobs, SpectraWatt is making an enormous contribution to the State’s economy at a critical time."

SpectraWatt is a manufacturer and supplier of photovoltaic cells for the solar industry. In addition to focusing on advanced solar cell technologies, SpectraWatt concentrates on improvements in current manufacturing processes and capabilities to reduce the cost of photovoltaic energy generation. Its mission is to deliver solar energy at grid parity through product and manufacturing technology innovation. Investors include Intel Capital, Cogentrix Energy, PCG Clean Energy and Technology Fund and Solon SE.