The Intel Corp spin-off, SpectraWatt has raised a further US$41.4 million from investors that include Intel Capital and Goldman Sachs. The start-up plans to start shipping solar cells in 2Q10. The company said that some of the new funds will help finalize completion of the company’s factory, advance internal operations and technology development as well as allow for planned capacity expansions.
SpectraWatt said it had completed construction of its manufacturing facility in Hopewell Junction, New York and has begun initial cell production. The company is currently preparing for an official launch in the spring with solar cells shipping to undisclosed customers in the second quarter of 2010.
“We are excited to see SpectraWatt begin producing products for the growing solar industry,” said Arvind Sodhani, president of Intel Capital and Intel executive vice president. “This investment reiterates Intel Capital’s commitment to the clean technology and renewable energy markets. SpectraWatt’s focus on advancing solar cell technologies, which complements Intel Capital’s strategy, will help accelerate the adoption of photovoltaic technology worldwide through greater energy conversion and manufacturing efficiencies.”