SpectraWatt, a Hopewell Junction, NY-based manufacturer and supplier of photovoltaic cells for the solar industry, has received $41.4m in 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.
SpectraWatt has completed construction of its manufacturing facility in Hopewell Junction, New York 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 2010.