While visiting China for the fifth time, Paul S. Otellini, president and CEO of Intel (INTC), announced that Intel would invest USD170 million to improve its environmental protection and industrial chain innovation capacity in China.
Of these investments, USD150 million will be used to support the company's 67 projects in China and the other USD20 million will be used in two clean energy projects managed by Intel Capital. This is the first time for Intel to enter China's cleantech sector.
The two clean energy projects target Trony Solar Holdings, a Shenzhen-based solar energy equipment manufacturer and solutions provider, and NP Holdings, a Changchun technology company focusing on massive electricity storage systems. Intel Capital has purchased a USD20 million stake in Trony Solar and signed an investment agreement with NP.
Cadol Cheung, managing director of Intel Capital Asia-Pacific, told local media that China's renewable energy industry is developing rapidly. The company believes the investments will be a catalyst to drive local clean tech innovation and contribute to the establishment of China's renewable energy system.
Over the past ten years, Intel Capital has invested in more than 80 companies on the Chinese mainland and in Hong Kong. In April 2008, it established a USD500 million Intel Capital China Technology Fund II.