June 23, 2004 — Konarka Technologies Inc., a Lowell, Mass.-developer of nanoparticle-based photovoltaic energy generation products, announced it has raised $18 million in a third round of financing.
New investor New Enterprise Associates led the round. Other new investors include Vanguard Ventures, Partech International, Prime New Energy, SDL Ventures, Good Energies and Presidio Venture Partners. Existing investors Draper Fisher Jurvetson, Zero Stage Capital, ChevronTexaco Technology Ventures, Eastman Ventures, NGEN Partners and Ecole Polytechnique Federale De Lausanne also participated.
Konarka has now raised a total of more than $32 million. The company said the new funds would be used for capital equipment, operational expenses, ongoing research and development and for strategic investments connected with scaling up for production. It expects to deliver its first commercial products by end of the year.
Ardesta LLC, the parent company of Small Times Media, is an investor in Konarka Technologies.