Friday, September 30, 2011

SpectraWatt Sold In Bankruptcy Sale

The capital equipment and assets of Intel spinout SpectraWatt, the defunct maker of photovoltaic cells for the solar power market, has been sold, for $4.945M, according to auctioneer Heritage Global Partners. According to the auctioneer, the firm's assets were acquired by Canadian Solar, Inc., pending approval by the US Bankruptcy Court. Spectrawatt was spun off from Intel in 2008, and had raised at least $91M in funding from such investors as Cogentrix Energy, Intel Capital, PCG Clean Energy & Technology Fund, and Solon AG. The firm was originally based in Santa Clara, then moved to Hopewell Junction, New York, where it built its factory.