Intel Creating a New Solar Play

Intel (INTC) has announced plans to spin-off some assets from its New Business Initiatives group into a new company to make and supply photovoltaic cells called SpectraWatt.

Intel Capital is leading a $50 million investment round in the new company, along with the Cogentrix Energy unit of Goldman Sachs, PCG Clean Energy and Technology Fund and Solon AG. The deal expected to close in the second quarter.

In addition to focusing on advanced solar cell technologies, the company said SpectraWatt will work on improving current manufacturing processes to cut the costs of generating solar power. The company plans to break ground on a manufacturing and advanced technology development facility in Oregon later this year, with first shipments expected in mid-2009.

Comments

[Solar Guy]

Good to see computing techology titans like Intel (also IBM) entering the solar sector. Should bring a lot of solar cell advancements and innovation to that space to accelerate development and drive costs down. Will create some good investing opportunities also. A natural extension of their business IMHO.