SpectraWatt Sets up Headquarters in New York

HOPEWELL JUNCTION, N.Y.--(BUSINESS WIRE)--SpectraWatt, Inc., a manufacturer and supplier of advanced silicon photovoltaic cells to the solar industry, announced today its intention to establish the company’s first factory and its new headquarters at the Hudson Valley Research Park in Hopewell Junction, N.Y. The move would initially create over 100 jobs in the New York region within the first year of operation.

“Between the skilled work force, outstanding support from the Empire State Development Corporation and the valuable programs offered by the New York State Energy Research and Development Authority, the decision to locate in New York was very easy for us,” said Andrew Wilson, CEO of SpectraWatt. “We look forward to building a successful future from our new home in the Empire State.”

“SpectraWatt’s decision to bring their headquarters and R&D operations to Dutchess County is an enormous win for the State of New York and is a testament to the State’s ability to attract emerging and fast-growing industries,” said New York Governor David A. Paterson. “Following in the footsteps of world-class technology companies to locate their R&D facilities in New York State, including IBM and General Electric, SpectraWatt’s investment further solidifies New York as a prominent leader in green technology and is a vital component to securing our State’s future economic stability.”

The company, which is in the process of moving from their previous location in Oregon, aims to be in production early in 2010. SpectraWatt’s first factory line will have an initial manufacturing capacity of 60 megawatts (MW); additional lines are already being planned with site capacity exceeding 120MW within the first two years of operation.

“The solar industry has grown forty-one percent annually in recent years and, according to some forecasts, is expected to continue growing at a thirty-seven percent growth rate over the next five years. The solar industry is perhaps the fastest growing high technology industry in the world today,” said Marisa Lago, CEO and president, Empire State Development (ESD). “With its significant capital investment and creation of many high-paying jobs, SpectraWatt is making an enormous contribution to the State’s economy at a critical time.”