Intel launches solar venture
9 July 2008
News
To spur new development and demand for renewable energy sources, Intel is spinning off key assets of a startup business effort inside Intel's New Business Initiatives group to form an independent company called SpectraWatt. Intel Capital, Intel's global investment organisation, is leading a $50 million investment round in SpectraWatt and is joined by Cogentrix Energy, PCG Clean Energy and Technology Fund ('CETF') and Solon.
SpectraWatt will manufacture and supply photovoltaic cells to solar module makers. In addition to focusing on advanced solar cell technologies, the company will concentrate development efforts on improvements in 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 the second half of 2008 with first product shipments expected by mid-2009.
The end-user market segment for solar technology in 2007 was approximately $30 billion, a 50% increase from 2006, according to Photon Consulting. Solar industry growth of 30 to 40% annually is expected to continue in years to come as the economics of solar, which is currently approximately twice the cost of delivered retail electricity on a per kilowatt basis, begins to approach that of traditional electricity-generation technologies.
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