Intel Spins off Solar Energy Technology; Intel Capital Invests in SpectraWatt

Cogentrix Energy, PCG Clean Energy and Technology Fund, Solon AG also Invest in SpectraWatt to Deliver Solar Cells

To spur new development and demand for renewable energy sources, Intel Corporation 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's global investment arm Intel Capital, which makes equity investments in innovative technology start-ups and companies, is leading a $50-million investment round in SpectraWatt. 

Other investors include energy major Cogentrix Energy, LLC, a wholly owned subsidiary of The Goldman Sachs Group, Inc, PCG Clean Energy and Technology Fundand 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."