Santa Clara (CA) - Intel said that it is spinning off one of its businesses that have resulted from within its New Business Initiatives group into its own company structure. SpectraWatt is a new venture that is created to manufacture and supply photovoltaic cells to solar module makers.
The new company is being funded through a $50 million investment round by Intel, Goldman Sachs subsidiary Cogentrix Energy, the PCG Clean Energy and Technology Fund and Solon. Intel said that SpectraWatt will manufacture and supply solar cells to solar module makers and will focus on improving 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.
Intel believes that the end-user solar technology market will grow by 30 to 40% annually from a base of $30 billion in 2007.