Pennsylvania, United States [RenewableEnergyWorld.com] The organic solar cell company Plextronics Inc. has completed a $14 million Series B-1 financing round. The company says the new capital will allow it to develop new PV materials and inks.
The round was led by Solvay North American Investments, a member of the Solvay Group, which is an international chemical and pharmaceutical group headquartered in Brussels, Belgium. Marking Solvay’s second investment in three years, this $12 million investment makes Solvay the largest minority shareholder in Plextronics.
Plextronics’ President and CEO Andy Hannah said that the financing will allow the company to continue to grow its research, development and pilot manufacturing programs, all of which are aimed at the commercialization of its technology.
“The funding from this round will enable us to continue to advance our lighting and solar products — namely our Organic Light Emitting Diode (OLED) and Organic Photovoltaic (OPV) materials and inks — so that we can scale these products to meet the customer and industry demand we are seeing,” said Hannah.
Several of Plextronics’ existing private investors also contributed to this B-1 financing. Prior to the announcement, the last financing round Plextronics completed was a $25 million Series B financing in 2007.