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Intel makes another solar move with $38M investment in Sulfurcell
The chip giant is investing $37.7 million in Munich, Germany-based Sulfurcell, which will use the investment to expand production with a new plant in Berlin.
By Ann Steffora Mutschler, Senior Editor -- Electronic News, 7/9/2008
Following the spin-off last month of key solar assets to form independent company SpectraWatt Inc, Santa Clara, Calif.-based chip giant Intel Corp’s investment organization Intel Capital said today that it has expanded its cleantech portfolio by leading a $133.7 million (85 million Euro) investment round in thin-film CIS photovoltaic solar module maker Sulfurcell Solartechnik GmbH.
Intel said it is investing $37.7 million (24 million Euros) in the Munich, Germany-based company, which will use the investment to expand production with a new plant in Berlin.
Other investors include London-based Climate Change Capital Private Equity, Zurich-based AIG, Paris-based Demeter Partners, London-based Zouk Ventures and Copenhagen-based BankInvest, which together invested $59.8 million (38 million Euros) with the remaining $36.2 million (23 million Euros) 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. 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,” commented Arvind Sodhani, president of Intel Capital and Intel executive VP, in a statement.
Specifically, Sulfurcell makes solar modules using thin-film materials from the copper-indium-sulfide/selenide (CIS/CIGSe) family of chemical elements for the conversion of light to electricity, and the company noted that its pilot production line has demonstrated product performance and process scalability to allow future high-volume supply.
Intel Capital said it recognizes that Sulfurcell’s CIS/CIGSe solar modules have demonstrated some of the highest energy conversion efficiencies of all thin-film materials, and allow emerging applications such as building integrated photovoltaics (BIPV), where solar modules are integrated in the core structure of roofs and walls, according to Heiko von Dewitz, investment director of Intel Capital’s cleantech sector in Europe and Israel.
