Konarka Secures US $5M Loan

Konarka Technologies Inc. announced that the company has received US $5 million in financing in connection with its recently opened production facility in the city of New Bedford, Massachusetts. The long-term loan comes from a funding collaboration between the Emerging Technology Fund of Massachusetts Development Finance Agency and the Massachusetts Renewable Energy Trust’s Business Expansion Initiative.

With the opening of its manufacturing location in New Bedford in October 2008, Konarka expanded its presence in Massachusetts, retrofitting Polaroid’s advanced technology development and flagship large-scale manufacturing facility to develop and commercialize Konarka Power Plastic.

“With our vast array of technology expertise and resources, Massachusetts has the capability to become a global center for alternative and renewable energy, and Konarka is helping to solidify our commitment to a clean energy future. I am delighted Konarka is bringing more jobs to the Commonwealth – especially in the area of renewable energy,” said Governor of Massachusetts Deval Patrick.

Bringing companies like Konarka to Massachusetts has been a focus for the Patrick Administration. Earlier this year the Governor made a trip to the west coast to talk with cleantech, renewable energy and electronics companies about doing business in the state. One of those meetings was with wind energy company Vestas. Click the link below to hear what Governor Patrick told RenewableEnergyWorld.com about that meeting and the anniversary of the state’s Commonwealth Solar program.

Governor Patrick on his Vestas meeting and the Commonwealth Solar anniversary.

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