Intel spins out solar cell initiative
Intel is spinning off an project within its New Business Initiatives group to form an independent company targeted at photovoltaic solar cells.
Called SpectraWatt, the company will focus on advanced solar cell technologies and improvements in current manufacturing processes to reduce the cost of photovoltaic energy generation. SpectraWatt expects to start construction of a manufacturing and development facility in Oregon later this year, with first product shipments expected by mid 2009.
“SpectraWatt is a great example of technology resulting from entrepreneurial efforts inside Intel,” said Arvind Sodhani, pictured, president of Intel Capital. “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.”
Intel Capital is leading a $50million investment in SpectraWatt, along with Cogentrix Energy, PCG Clean Energy and Technology Fund and Solon.
