Chip giant Intel Corp. recently announced the company is birthing a new company that will focus on manufacturing photovoltaic cells — the main component in panels that utilizes solar energy.
An internal team from Intel working on solar technology will form SpectraWatt Inc. Intel will invest $50 million, with Cogentrix Energy LLC, PCG Clean Energy & Technology Fund, and Solon AG. The company is expected to begin shipments by mid-2009.
The move reflects the recognition of big companies on the growing importance of alternative energy sources in view of skyrocketing costs of hydrocarbon-based energy. Intel Capital’s President, Arvind Sodhani, quipped, “This is an important investment for Intel Capital in the growing clean-tech sector and we look forward to working with the company to support its expansion.”
Among other companies, IBM has also dabbled in the development of technology to harness solar energy.