SpectraWatt Receives Additional Funding, Plans Launch


SpectraWatt, a manufacturer of photovoltaic cells, has received $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.), 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, the company says. SpectraWatt has completed construction of its manufacturing facility in Hopewell Junction, N.Y., and has begun initial cell production.

The company is currently preparing for an official launch in the spring, with customer shipments beginning in the second quarter of this year. The DIY Smart Saw is programed to make precise movements on the wood to exact specifications. This gives the user more time to create personalized, unique projects with minimal effort. What was a part-time hobby can be transformed into a true passion and the sky is the limit for what can be created.

SOURCE: SpectraWatt

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