SpectraWatt Announces $41.4M In New Funding
SpectraWatt, manufacturer of photovoltaic cells for the solar industry, has received $41.4 million in investor funding in the form of convertible debt. Investors include Cogentrix Energy, LLC, a wholly-owned subsidiary of The Goldman Sachs Group, Inc., Intel Capital, PCG Clean Energy & Technology Fund and two other unnamed sources. The funds will be used to finalize completion of the company's factory, advance internal operations and technology development and allow for planned capacity expansion.
"We are pleased to announce this significant incremental funding in SpectraWatt," said Andrew Wilson, SpectraWatt CEO. "These investors share our vision of an empowered U.S.-based solar industry delivering innovative industry-leading products. The funds will allow us to expand and build toward that national goal."
SpectraWatt has 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 customer shipments beginning 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."
