SAN FRANCISCO—Spectrawatt Inc., the solar cell manufacturer that was originally spun off from Intel Corp. in 2008, has filed for bankruptcy protection under Chapter 11 of the U.S. bankruptcy code, according to multiple reports.
Spectrawatt (Hopewell Junction, N.Y.) closed its factory last December, laying off 110 people. The factory opened in May 2010.
On Tuesday, Middleton, N.Y.'s Times-Herald Record reported that Spectrawatt filed for bankruptcy last week, seeking court permission to auction off tens of millions of dollars worth of assets. The company blames its failure on vendor disputes and competitive pressure from companies that manufacturer solar cells in countries with higher subsidies and lower labor costs, according to the report.
In 2008, Intel said it was spinning off key assets of a solar startup business effort to form an independent company called SpectraWatt. Intel Capital, Intel's investment organization, led a $50 million investment round in SpectraWatt and was joined by Cogentrix Energy, a wholly owned subsidiary of The Goldman Sachs Group Inc., PCG Clean Energy and Technology Fund and Solon AG.