December 15, 2008: Konarka Technologies Inc., which develops nanotechnology-based Power Plastic that converts light to energy, says it has reached an R&D agreement with Total, one of the world’s largest publicly traded integrated international oil and gas companies.
Under terms of the deal, Konarka has secured $45 million in funding and Total will become the leading shareholder with its stake being slightly less than 20%. The company will work on developing new components for its products with Total’s chemical subsidiaries — Atotech, Bostik, Hutchinson, Sartomer, and Total Petrochemicals USA.
Already present in solar energy through its interest in Photovoltech and Tenesol, Total intends to step up its crystalline silicon-based cell production, the release said. At the same time, the company says it aims to grow in the thin-film segment with Konarka’s help.