Off-Grid, Solar

Konarka Secures Solar Power Financing

Coming off the heals of a major U.S. Army contract, solar photovoltaic (PV) company Konarka Technologies has secured a revolving line of credit of up to US$2 million dollars from Silicon Valley Bank.

Lowell, Massachusetts – September 9, 2003 [SolarAccess.com] This follows the company’s recent disclosure that the United States Army has funded Konarka to develop the company’s PV technology to provide the Army with a source of lightweight, flexible, scalable and renewable power in a variety of form factors for military applications. Konarka employs nanotechnology and conducting polymers to provide a source of renewable power. Konarka’s technology converts sunlight as well as indoor, artificial light into direct current electrical power. The company uses unique, proprietary low-temperature production methods to put the photovoltaic cells onto flexible, lightweight plastics. “Today’s announcement regarding Konarka’s line of credit with Silicon Valley Bank marks an important milestone as Konarka continues to partner with other world-class firms, such as Eastman Chemical and ChevronTexaco, to transform the company from a developer to a global manufacturer and provider of products,” said Howard Berke, Chairman, Konarka Technologies. “While Konarka Technologies already possesses significant cash reserves, this move provides additional working capital to support the company’s growth and overall business strategy,” said Oscar Jazdowski, Senior Relationship Manager, Silicon Valley Bank. In a fraction of a day, the sun delivers enough energy to supply the world’s power needs for a year. Some of the markets Konarka will enter include on-board power for portable electronics, off-grid habitation, construction and government applications. Konarka has a broad portfolio of patents, technology licenses and a technical team that includes Nobel Laureate Professor Alan Heeger (UC Santa Barbara), Dr. Michael Grýtzel (Ecole Polytechnic Fýdýrale de Lausanne) and Dr. N. Serdar Sariciftci (Johannes Kepler University). Access: Konarka