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A Place in the Sun: Intel Capital Funds Solar Cell Development
Intel Provides Key Resources to Establish New Business Initiatives, SpectraWatt, an Independent Company. Global investment fund Intel Capital has allocated about $ 50 million. Additional investors include Cogentrix Energy, a subsidiary of the Goldman Sachs group of companies, PCG Clean Energy and Technology Fund (“CETF”) and Solon AG. The transaction is expected to be completed in the second quarter of this year.
SpectraWatt will manufacture and supply solar cells for solar module manufacturers. In addition, SpectraWatt will look for ways to reduce the cost of solar energy production. SpectraWatt expects to begin developing its innovative technologies at an Oregon-based research laboratory in 2021 and to manufacture and supply 60 MW solar cells at a factory located there by mid-2021.
Recall that individual components of photovoltaic systems are called photovoltaic cells, which allow converting solar radiation energy into electrical energy. The market for photoelectric devices for end users in 2021 was about $ 30 billion, and its growth, compared to 2021, was 50% (according to Photon Consulting). Photovoltaic production is growing by 30-40% annually, and it is expected that within a few years the cost of solar energy, currently almost twice the cost of traditional energy sources per kilowatt, will approach it.
Source: Intel Capital