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Intel will transfer all technology related to converting sunlight to energy into the new company and lead its first round of investment. The chip maker will join several other companies, including a subsidiary of The Goldman Sachs Group, Solon AG and the PCG Clean Energy and Technology Fund (CETF) to invest US$50 million in the new solar venture.
The investment will take place by the end of June.
SpectraWatt will break ground on a manufacturing and technology development center in Oregon later this year, and its first product shipments are expected by the middle of next year. The new company will focus on advanced solar cell technologies as well as improving manufacturing technology to lower the cost of photovoltaic energy.
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