Intel Forming New Solar Company
Intel Corp. will spin off key assets of a startup business to form an independent company called SpectraWatt Inc. that will make and supply photovoltaic cells to solar module companies.
Intel’s global investment organization — Intel Capital — will lead a $50 million investment round in SpectraWatt with Goldman Sachs subsidiary Cogentrix Energy LLC, PCG Clean Energy and Technology Fund and Solon AG. The deal is expected to close in the second quarter.
SpectraWatt will also work to reduce the cost of photovoltaic energy generation. The company expects to break ground on a facility in Oregon in the second half of 2008, with first product shipments expected by mid-2009.
