Intel Capital, the global investment arm of Intel (Nasdaq: INTC), has invested €24 million in Sulfurcell, a German developer and manufacturer of thin-film solar modules. Sulfurcell will use the new investment to significantly expand production with a new plant in Berlin.
Intel Capital led the €85 million total equity round, with a €24 million investment. European cleantech investors including Climate Change Capital Private Equity (London), AIG (Zurich), Demeter Partners (Paris), Zouk Ventures (London) and BankInvest (Copenhagen) invested €38 million with the remainder of the round coming from existing investors.
"Cleantech investments worldwide, including solar power generation, are a key focus for Intel Capital, particularly in the wake of global warming concerns and rising energy costs for businesses and consumers," said Arvind Sodhani, president of Intel Capital and Intel executive vice president. "By investing selectively in innovative technologies, such as those delivered by Sulfurcell, we further the viability of alternative energy options and help increase adoption while reducing carbon emissions."
Sulfurcell makes monolithic modules using thin-film materials from the CIS/CIGSe (Copper-Indium-Sulfide/Selenide) family of chemical elements for the conversion of light to electricity. The company’s pilot production line has demonstrated product performance and process scalability to enable future high-volume supply.
"Intel Capital invested in Sulfurcell because CIS/CIGSe solar modules have demonstrated some of the highest energy conversion efficiencies of all thin-film materials. They also enable emerging applications such as building integrated photovoltaics (BIPV), where solar modules are integrated in the core structure of roofs and walls," said Heiko von Dewitz, investment director of Intel Capital’s cleantech sector in Europe and Israel.
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$7.5 billion in approximately 1,000 companies in 45 countries. In that timeframe, 168 portfolio companies have gone public on various exchanges around the world and 212 were acquired or participated in a merger. In 2007, Intel Capital invested about US$639 million in 166 deals with approximately 37% of funds invested outside the United States.
About Sulfurcell
Sulfurcell develops, manufactures and distributes thin-film photovoltaic solar modules using a proprietary technology based on CIS. Sulfurcell’s PV solar modules are characterised by high power output, even at elevated temperatures or under partial shading. Their unobtrusive and homogeneous outward appearance meets the highest aesthetic expectations. Sulfurcell is currently among the top 3 of approximately 20 manufacturers of CIS/CIGSe based solar modules worldwide. The company employs a staff of 120. For more information, visit http://www.sulfurcell.de.
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