Intel forms solar cell company

As reported by MarketWatch, Intel Corp said that they are going to spin off key assets of its business initiatives group to create a new independent company that will make solar cells.

Intel said that its investment unit, Intel Capital, is making a $50 million investment into the new company called SpectraWatt Inc. Intel is forming the company with Cogentrix Energy and Solon AG. They expect SpectraWatt to break ground on a manufacturing and development facility the second half of 2008. Located in Oregon, they expect first shipments of solar cells to start in mid 2009.

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