SOLON acquires strategic stake in U.S. company SpectraWatt Inc. for the production of solar cells
Berlin, June 16, 2008. SOLON AG für Solartechnik (ISIN DE0007471195), headquartered in Berlin, has acquired a strategic interest in SpectraWatt, Inc., a newly formed U.S. company. The other shareholders in SpectraWatt are Intel Capital, a subsidiary of U.S. chip manufacturer Intel Corporation, Cogentrix Energy, LLC, a wholly owned subsidiary of The Goldman Sachs Group, Inc. and PCG Clean Energy and Technology Fund, an investor specializing in renewable energies. SOLON's share in SpectraWatt is appr. 16 percent.
SpectraWatt, with registered offices in Hillsboro, Oregon, plans to manufacture highly efficient solar cells based on silicon. The company expects initial product deliveries in mid-2009.
This project will provide SOLON with a new strategic partner, thus expanding the Company's supplier base. In addition, this cooperation will establish a foundation for the future development of SOLON's U.S. business, and therefore represents yet another step in the internationalization strategy of the Company.