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17 June 2008 -- Intel Corp. said it is selling assets of one of its businesses to form an independent solar PV company called SpectraWatt Inc.

Intel Capital, Cogentrix Energy LLC, PCG Clean Energy and Technology Fund and Solon AG are leading a $50 million investment round in SpectraWatt. The transaction is expected to close in the second quarter of 2008.

SpectraWatt says it will manufacture and supply PV cells to solar module makers. In addition to focusing on advanced solar cell technologies, the company says it will concentrate development efforts on improvements in current manufacturing processes and capabilities with the intention of reducing the cost of photovoltaic energy generation.

SpectraWatt expects to break ground on its Oregon facility in the second half of 2008 with first product shipments expected by mid-2009.

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