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SANTA CLARA, Calif. - Chip maker Intel Corp. said Monday it is spinning off assets to create a company, to be known as SpectraWatt Inc., that will make solar cells.
Intel Capital, Intel's global investment organization, is leading a $50 million investment in SpectraWatt. Cogentrix Energy LLC, a subsidiary of The Goldman Sachs Group Inc., PCG Clean Energy and Technology Fund and Solon AG will also invest in SpectraWatt.
The deal is expected to close in the second quarter of 2008. In the second half of this year SpectraWatt expects to start building a manufacturing and development facility in Oregon, with shipments beginning by mid-2009.
Andrew B. Wilson, former general manager in the Intel New Business Initiatives group, will be SpectraWatt's chief executive.
Shares of Intel rose 21 cents to $22.87 in late afternoon trading.
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