Photovoltaic cell manufacturer SpectraWatt has raised $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., (NYSE: GS), 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.
SpectraWatt spun out of Intel Corporation (Nasdaq: INTC) in June 2008 and has completed construction of its manufacturing facility in Hopewell Junction, New York. The company said it will begin customer shipments in 2Q10.
In February, Intel’s CEO Paul Otellini announced the company is heading up a $3.5 billion initiative, called The Invest in America Alliance, to invest in US growth industries including cleantech. One of the primary goals of the initiative is to create cleantech jobs for new college graduates.
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