The less-than-a-year old factory stated in a press release that the deteriorating market conditions coupled with demand drops from Europe has called for this move. The company, however, is still seeking alternatives.
The Dutchess County Economic Development Corporation recently awarded SpectraWatt a Business Excellence Award for their innovative approach to manufacturing and recognised the company as the first solar cell factory in New York. The decision has apparently shocked the president of the corporation, John MacEnroe. The company held a lot of promise and was one of the most anticipated growths at the Hudson Valley Research Park in Hopewell Junction, New York where the headquarters are located.
In 2008, Intel had stated that it was spinning off key assets of a solar startup business effort inside its New Business Initiatives group to develop SpectraWatt. Intel Capital, Intel’s investment organization, led a US$50 million investment round in SpectraWatt. The collaboration was joined by Cogentrix Energy, a wholly owned subsidiary of The Goldman Sachs Group, PCG Clean Energy and Technology Fund as well as Solon.