Konarka secures $45 million to develop, commercialize nano-based PV

October 1, 2007 — Konarka Technologies Inc., which is developing photovoltaic material made from semiconducting polymers and nano-engineered materials, has announced it has raised $45 million in private capital financing.

The financing was led by Mackenzie Financial Corp. and Good Energies. Pegasus Capital, a new investor in Konarka, participated in the round as did existing lead investors from prior rounds, including Draper Fisher Jurvetson, Asenqua Ventures, New Enterprise Associates (NEA), and 3i. Other participating current investors include Vanguard Ventures, Chevron, Massachusetts Green
Energy Fund, NGEN Partners, and Angeleno Group. Lehman Brothers served as financing agent.

“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,” said Rick Hess, Konarka’s president and CEO. “This latest round of financing will help to accelerate our plan to bring Konarka’s organic photovoltaic material, Power Plastic, to market.”


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