SpectraWatt Closes on $41.4M in New Funding
Investment sets the groundwork for next stage of growth
Hopewell Junction, NY - March 23, 2010 - 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.”
About SpectraWatt
SpectraWatt, a manufacturer and supplier of photovoltaic cells for the solar industry, focuses on advancing solar cell technologies across the board. The company constantly aims to improve current manufacturing processes and capabilities to reduce the cost of photovoltaic energy generation. Spun out of Intel Corporation in June 2008, investors include Intel Capital, Goldman Sachs, PCG Clean Energy and Technology Fund and Solon SE. For more information, please visit www.spectrawatt.com.
About Intel Capital
Intel Capital, Intel's global investment organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, home, mobility, health, consumer Internet, semiconductor manufacturing and cleantech. Since 1991, Intel Capital has invested more than US$9.5 billion in over 1,050 companies in 47 countries. In that timeframe, 175 portfolio companies have gone public on various exchanges around the world and 241 were acquired or participated in a merger. In 2009, Intel Capital invested US$327 million in 107 investments with approximately 50 percent of funds invested outside the U.S. and Canada. For more information on Intel Capital and its differentiated advantages, visit www.intelcapital.com.
About Cogentrix Energy, LLC
Cogentrix Energy, a wholly-owned subsidiary of The Goldman Sachs Group, Inc., is a leading independent power producer with a long track record of developing, constructing, and operating power generation assets, and marketing wholesale power to utility customers produced at these assets. Cogentrix was founded in 1983 and is headquartered in Charlotte, N.C., with offices in Virginia, California, Florida and Nevada.
About The Goldman Sachs Group, Inc
Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals. Founded in 1869, it is one of the oldest and largest investment banking firms. The firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.
About PCG Clean Energy and Technology Fund
The PCG Clean Energy and Technology Fund is a co-mingled fund of funds and direct investment vehicle dedicated to investing across the spectrum of the global clean energy and technology value chain. The fund is managed by a dedicated cleantech investment team within PCG Asset Management, which oversees more than $15 billion of private equity commitments through a combination of fund-of-funds, separate accounts and advisory relationships and is based in La Jolla, California.