Intel Spins Off Solar Technology Assets into SpectraWatt

Santa Clara, Calif. -- Hoping to spur new development and demand for renewable energy sources, Santa Clara-based chipmaker Intel said on Monday that it has spun off key business assets to form an independent company called SpectraWatt, which will manufacturer photovoltaic solar cells. The new company is being backed by $50 million in investments, led by Intel Capital. Goldman Sachs unit Cogentrix Energy, PCG Clean Energy and Technology Fund and Solon also participated. SpectraWatt will focus on improving manufacturing processes and capabilities to reduce the cost of photovoltaic energy generation. The company expects to break ground on its manufacturing and technology development facility in Oregon afdter mid-year, with first product shipments expected by mid-2009.
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