Monday, June 16, 2008

Intel Spinoff Gets Funding, To Open Oregon Facility

Microprocessor giant Intel said Monday that it has spun off a new company focused on the solar energy industry, which will open up a manufacturing and advanced technology development facility in Oregon in the second half of 2008. Intel said Monday that it has led a $50M investment round in SpectraWatt, a startup company being spun off from its New Business Initiatives group. The new firm will manufacture and supply photovoltaic cells to solar module maker, with a goal of first product shipments by mid-2009. No other details of the new company's operations in Oregon were disclosed by Intel. Intel Capital led the investment in the new firm; other investors include Cogentrix energy (owned by The Goldman Sachs Group), PCG Clean Energy and Technology Fund, and Solon AG. More information »