Intel Corporation (Nasdaq: INTC) announced that it will spin off a photovoltaic solar unit developed within its New Business Initiatives Group.
Intel Capital, Intel's global investment organization, is leading a $50 million investment round in the new company, called SpectraWatt Inc.
Other investors in the company, which will manufacture photovoltaic solar cells, include Cogentrix Energy, LLC, a wholly owned subsidiary of The Goldman Sachs Group, Inc., PCG Clean Energy and Technology Fund (CETF) and Solon AG. The transaction is expected to close in 2Q08.
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."
