BEIJING - Shrugging off gloom over the economic outlook, Intel Capital on Tuesday announced its first "clean-tech" initiative in China, a $20 million equity investment in Trony Solar Holdings Co., one of China's biggest makers of solar energy and wind power equipment.
"The world economy is in a very difficult position, but innovation is the way to help the companies out of financial crisis. Intel Capital is still committed to investing in innovative companies," Cadol Cheung, managing director of Intel Capital for the Asia Pacific, told reporters. Intel Capital's parent is computer chip maker Intel Corp.
"We have no plans to slow down our investment pace," Cheung said.
Intel's investment, its first in clean technologies in China, will be used by Trony to enhance its production and research and development, the Chinese company, based in the southern export hub of Shenzhen, said in a statement.
Trony, set up in 1993, has sales in more than 20 countries.
The two companies did not provide details on the size of Intel Capital's equity stake or other terms of the investment.
"Investing in 'clean-tech' is relatively new for Intel Capital," said Stephen Eichenlaub, Intel Capital's managing director. "Clean technology area will take on a large strategic significance for Intel's future."
In addition to its investment in Trony, Intel Capital also announced plans to invest in NPH Holdings Ltd., a Chinese company specializing in electricity storage systems for renewable energy. But no details were provided... more
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