Konarka Lands Another Funding Boost

Konarka Technolgies has nabbed another round of financing the company hopes will help propel them down the road toward commercialization of their polymer solar photovoltaic (PV) technology.

Lowell, Massachusetts – June 23, 2004 [SolarAcccess.com] While the company has yet to begin commercially manufacturing their solar technology, they have managed to ride a wave of investments fed largely on anticipation of their proprietary PV technology and how it might fare in the intensely-competitive solar energy industry. “We’ve committed our support to Konarka because its team has proven itself able in leading the charge toward commercialized photovoltaic products,” said Arno Penzias, venture partner, NEA. “With the US$5 billion photovoltaic industry growing at 40 percent annually during the last five years, we see great potential for the application of Konarka’s breakthrough products. Its revolutionary material uniquely addresses the growing need for products with renewable power sources built-in.” The round of $18 million, Series C financing is led by New Enterprise Associates (NEA), followed by Vanguard Ventures and includes new investors Partech International, Prime New Energy, SDL Ventures, Good Energies and Presidio Venture Partners. Series B round leader Draper Fisher Jurvetson (DFJ) and other existing investors Zero Stage Capital, ChevronTexaco TechnologyVentures, Eastman Ventures, Ngen Partners and Ecole Polytechnique Fýdýrale De Lausanne also participated. “The quality of the syndicate supporting Konarka is a testament to the quality of the team and the fundamental breakthrough nature of the company’s core technology,” said Raj Atluru, managing director at Draper Fisher Jurvetson. “The company has brought together the best partners worldwide to turn its vision into a reality. Konarka has the potential to be among the most important companies that DFJ has ever invested in.” Konarka’s photovoltaic nanotechnology is focused on delivering lightweight, flexible, scalable and manufacturable products. Konarka has a broad portfolio of patents protecting their specific approach to PV power. Since 2001, Konarka has raised more than $32 million. The Series C financing will be used for capital equipment, operational expenses and strategic investments associated with scaling manufacturing to production levels. In addition, the funds will support ongoing research and development efforts at Konarka. The company expects to deliver its first commercial products by December 2004. “Konarka is executing its vision for applying photovoltaic nanotechnology to commercial products,” said Howard Berke, chairman and CEO, Konarka. “This latest round of financing validates the viability of our products, our go-to-market strategy and our dominant intellectual property portfolio.”