Konarka Secures $45 M in Private Capital Financing

Konarka Technologies, Inc., developer of Power Plastic, a material that converts light to energy, yesterday announced it has raised $45 million in private capital financing. The financing was led by Mackenzie Financial Corporation, a leading investment management firm with over $60 billion in assets under management, and was co-led by existing investor, Good Energies, a leading investor in the renewable energy industry.

Konarka has aggressive plans to accelerate the development and commercialization of our polymer-based organic photovoltaic (OPV) technologies for consumer, commercial, BIPV and electronic applications,” commented Rick Hess, President and CEO of Konarka. “This latest round of financing will help to accelerate our plan to bring Konarka’s organic photovoltaic material, Power Plastic, to market.”

Howard Berke, executive chairman of the board at Konarka, stated, “This funding further strengthens our balance sheet as we scale up to introduce Power Plastic commercially. We are in an optimal financial position to launch our renewable energy technology into a variety of markets.”

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