Los Angeles, October 30, 2008
The Times of India
The investment arm of US chip giant Intel Corp announced a $20 million investment in a Chinese solar cell manufacturing company to spur local green energy production even as oil prices decline.
When oil prices peaked at $147 a barrel in the third quarter, venture capitalists flocked to sustainable energy companies. But now that the price has dropped back to the mid-$60s a barrel, that enthusiasm has waned.
Intel expects its investment in Trony Solar Holdings Co Ltd to invigorate the Chinese renewable energy market.
"We believe these investments will be a catalyst to drive local clean tech innovation and help China toward the transition to a more sustainable energy system as well as economic growth," said Cadol Cheung, managing director of Intel Capital Asian Pacific.
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