Polymer photovoltaic company Konarka raises $45 million

In a move designed to accelerate the development and commercialization of Konarka’s polymer-based organic photovoltaic (OPV) technologies, the company has said it has secured $45 million in private capital financing.

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

A new investor for the company, Pegasus Capital, participated in the round, as did existing lead investors from prior rounds including Draper Fisher Jurvetson (DFJ), Asenqua Ventures, New Enterprise Associates (NEA) and 3i. Other participating current investors include Vanguard Ventures, Chevron, Massachusetts Green Energy Fund, NGEN Partners, Angeleno Group and Asenqua Ventures.

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