Konarka Garners $45 Million in Financing—Prepares To Bring “Power Plastic” to Market

10/1/07Follow @bbuderi

Konarka Technologies, a Lowell, MA, maker of nanotech-based solar materials, announced today that it had secured $45 million in private funding intended to accelerate development and commercialization of its organic photovoltaic products. Konarka’s materials, which convert light to electricity, are aimed at providing low-cost, renewable sources of power for everything from cell phone chargers to outdoor lighting.

The round was led by new investor Mackenzie Financial and co-led by a previous investor, Good Energies, a leading player in the renewable energy sector headquartered in Zug, Switzerland. (Konarka founder and executive chairman of the board Howard Berke joined Good Energies’ executive leadership team this summer.) Also taking part in the round were Pegasus Capital, Draper Fisher Jurvetson, the Massachusetts Green Energy Fund, and at least eight other firms. All told the firm has raised $105 million since its 2001 inception.

“It’s basically to continue the development to commercialization that we really began in earnest a year ago,” Rick Hess, Konarka’s president and CEO, says of the new funding. “It will go into a multitude of applications.”

The photovoltaics made by Konarka are fabricated from electrically conductive organic polymers, or plastics–hence its term Power Plastics. Hess says the company is developing three categories of products. First on the agenda are components for portable products such a cell phones or other electronic devices that will allow them to be solar-charged. He says the first products in this area “will come out mid-next year.” After that will come products for indoor applications such as electronic shelf labels powered by photovoltaic materials. The third area is the outdoor market, where Konarka’s materials might be used to power things like awnings.

Bob is Xconomy's founder and editor in chief. You can e-mail him at bbuderi@xconomy.com, call him at 617.500.5926. Follow @bbuderi

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  • C.Sandberg

    Wondering if and when the general public will be able to invest or buy shares in Konarka?

  • R. Will

    I would like to buy shares in Konarka. Any info on if or when this will be possible?

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  • jean c destin

    i would like to buy shares of konarka when would thst be possible

  • http://konarka.com Michael L. Hall

    Like some of your other interested readers of this fasinating new technology…I would also like to know when the general public will be able buy shares in KONARKA??? I would appreciate ANY response to this inquiry
    at your earliest convenience. Thank You.

  • Barnabas Czirják

    I would like to buy shares of Konarka.Please you write me,when,and anything of the price.
    Youar syncerely
    Barnabas Czirják

  • Jean Vince

    I am interested in buying shares of Konarka,
    and cannot find an information to do so,online.

  • Mike Ellinas

    Dear Sir/Madam,

    Can you please tell me if it is possible to buy shares in Konarka?

    Thank you.

    Mike.

  • Domenic Russo

    I would like to be a part of KONARKA
    sola Tech.
    Could you please tell me how i could
    obtain shares.

    Thankyou.