SpectraWatt
SpectraWatt Inc manufactures and markets photovoltaic cells; solar panels that convert sunlight into electricity.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor | €0.0 | round | |
| investor investor investor investor | €0.0 | round | |
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* | N/A | N/A | Bankruptcy |
| Total Funding | 000k | ||
SpectraWatt was established in 2008 as a spin-off from the semiconductor giant Intel, aiming to leverage Intel's manufacturing expertise to produce multicrystalline silicon solar cells. The venture was launched from Intel's New Business Initiatives group and was led by Andrew Wilson, who assumed the role of CEO. The company's formation was backed by a significant $50 million investment round led by Intel Capital, with participation from notable investors including Goldman Sachs' subsidiary Cogentrix Energy, PCG Clean Energy and Technology Fund, and German solar-panel manufacturer Solon AG.
The company's core business was the manufacturing of photovoltaic (PV) cells intended for sale to solar module producers. SpectraWatt's strategy centered on improving manufacturing processes to drive down the cost of solar energy generation, a critical factor in a highly competitive market. Initially based in Oregon, the company relocated its headquarters and established its first manufacturing facility in Hopewell Junction, New York, within the Hudson Valley Research Park, taking over a former IBM building. This plant was designed for an initial capacity of 60 megawatts, with plans to expand to over 120 megawatts.
Despite a promising start and raising over $90 million in total funding, SpectraWatt's trajectory was short-lived. The company faced severe challenges, including intense market pressure from Chinese manufacturers who benefited from lower production costs and considerable government support. This, combined with what the company cited as operational issues and deteriorating market conditions in Europe, led to the shutdown of its New York manufacturing plant in December 2010 and the layoff of its workforce. By August 2011, after failing to secure a buyer for its assets, SpectraWatt filed for Chapter 11 bankruptcy protection, ultimately ceasing operations.
Keywords: solar cell manufacturing, photovoltaic cells, multicrystalline silicon, Intel spin-off, renewable energy, solar technology, Goldman Sachs, PCG Clean Energy, Solon AG, cleantech manufacturing, solar energy generation, PV cell producer, Hopewell Junction, Hudson Valley Research Park, Chapter 11 bankruptcy, solar market competition, Andrew Wilson, Intel Capital, energy technology, defunct solar company