Konarka Announces US $45M Investment in Total

Konarka Technologies Inc., announced the company has signed bilateral R&D and cooperation agreements with Total, one of the largest publicly-traded integrated international oil and gas companies in the world. Konarka has secured US $45 million in funding and Total will become the leading shareholder with its stake being slightly less than 20%.

Already present in solar energy through its interest in Photovoltech and Tenesol, Total said that it intends to step up its crystalline silicon-based cell production. At the same time, it aims to grow in the thin film segment, which Konarka could help it to do.

“This is a very substantial and significant investment from a major global energy corporation,” said Howard Berke, executive chairman and co-founder of Konarka. “This strategic alignment will give Konarka access to a new strength of resources, assets and operations from around the world. Through the agreements, Konarka will be very instrumental in helping Total to secure its future in solar energy by facilitating the growth of its solar thin film segment of the company’s renewable energy business.”

Konarka will work on developing new components for their products with Total’s chemical subsidiaries – Atotech, Bostik, Hutchinson, Sartomer and Total Petrochemicals USA.

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