Transistor connaisseur Intel has decided to back up the forming of a new solar energy company called SpectraWatt. The Nehalem builder is set to give SpectraWatt some of its solar power technologies and, together with Cogentrix Energy, LLC, PCG Clean Energy and Technology Fund and Solon AG, will invest $50 million in it.
SpectraWatt will manufacture and supply photovoltaic cells to solar module makers and will concentrate development efforts on improvements in current manufacturing processes and capabilities to reduce the cost of photovoltaic energy generation.
"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. "We are pleased to work with these companies in the goal of moving toward long-term national energy independence."
SpectraWatt is expected to deliver its first products by mid-2009.
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