Monday, June 16, 2008

Intel Spins Off Solar Firm

Santa Clara-based Intel said Monday that it has spun off assets of the firm, to form a new solar manufacturing firm called SpectraWatt. Intel said the new company is being funded to the tune of $50M by its Intel Capital venture capital arm, along with Cogentrix Energy LLC, a susbidiary of The Goldman Sachs Group, PCG Clean Energy and Technology Fund, and Solon AG. Intel said that SpectraWatt will manufacture and supply photovoltaic cells to solar module makers. The firm was incubated within Intel's New Business Initiatives group. According to Intel, the new company is expected to have first product shipments by mid-2009. More information »