To spur new development and demand for renewable energy sources, Intel Corporation is spinning off key assets of a start-up business effort inside Intel’s New Business Initiatives group to form an independent company called SpectraWatt.

SpectraWatt will manufacture and supply photovoltaic cells to solar module makers. Solar cells are the discrete components in a solar energy generation system responsible for converting sunlight to electricity.  In addition to focusing on advanced solar cell technologies, SpectraWatt will concentrate development efforts on improvements in current manufacturing processes and capabilities to reduce the cost of photovoltaic energy generation. SpectraWatt expects to break ground on its manufacturing and advanced technology development facility in Oregon in the second half of 2008 with first product shipments expected by mid-2009.

Commenting on the formation of the new company, Andrew Wilson, SpectraWatt CEO and former general manager in the Intel New Business Initiatives group, said: “The formation of SpectraWatt is an important step forward in the renewable energy market.”