SAN JOSE, Calif. -- Intel Corp. is spinning off an internal startup business in the solar-cell arena.
The internal solar unit, formerly inside Intel's New Business Initiatives group, is being spun-off into a new company called SpectraWatt Inc. Intel did not talk about the unit until now.
Intel Capital, Intel's global investment organization, is leading a $50 million investment round in SpectraWatt. It is joined by Cogentrix Energy LLC, a subsidiary of The Goldman Sachs Group Inc., PCG Clean Energy and Technology Fund and Solon AG.
SpectraWatt will manufacture and supply photovoltaic cells to solar module makers. It expects to break ground on its manufacturing and advanced technology development facility in Oregon in the second half of 2008, with first product shipments expected by mid-2009.
''The formation of SpectraWatt is an important step forward in the renewable energy market,'' said Andrew B. Wilson, SpectraWatt CEO and former general manager in the Intel New Business Initiatives group, in a statement.
The transaction is expected to close in the second quarter of 2008.
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