Intel Capital invests $50 million in SpectraWatt Inc.
Written by admin on June 17th, 2008 in gadgets.
Intel has announced it is forming a new company called SpectraWatt, which will focus on the development of efficient solar cell technology. Further to that, Intel Capital will fund the new business with US$50 million.
SpectraWatt started life as part of Intel’s New Business Initiative group and is expected to ship its first products by the middle of 2009. It’s core focus is on photovoltaic cells for use in solar panels, but also to research and develop more efficient solutions to solar energy generation.
Four companies are involved in SpectraWatt, one of which is Intel, but Cogentrix Energy LLC, PCG Clean Energy and Technology Fund and Solon AG also have a stake. Arvind Sodhani, president of Intel Capital and executive vice president at Intel commented:
SpectraWatt is a great example of technology resulting from entrepreneurial efforts inside Intel … This is an important investment for Intel Capital in the growing cleantech sector and we look forward to working with the company to support its expansion.
Research carried out by Photon Consulting has shown that the solar energy market is growing by a rate of at least 30% a year and will see continued growth going forward. It is also expected that the cost of solar energy production will continue to fall and will start to reach the same costing levels as typical energy generation methods used today.
Read more at Intel, found via PC Pro
Matthew’s Opinion
Solar energy seems to be a hot topic at the moment with gadgets, patents and new developments happening all over the place.
Unlike wind power, solar energy is a lot less intrusive, noisy or dependent on other factors. All you need is a place to put a panel and a decent level of sunlight to start generating energy. Up until now the costs have been high to entry and the levels of energy production quite low. But with new investment, and a breakthrough or two from the likes of IBM, this should change over the next few years.
There is going to be a big market for this “free” energy as well with the cost of oil not likely to fall any time soon. Alternatives are needed and eco-friendly alternatives are key looking long-term.
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