Konarka procures $5 million loan to equip New Bedford facility

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Konarka’s New Bedford, Massachusetts manufacturing facility, opened in October 2008, has received a boost for its future manufacturing plans with a $5 million long-term loan. The organic photovoltaics developer secured the loan from a funding collaboration between the Emerging Technology Fund of Massachusetts Development Finance Agency and the Massachusetts Renewable Energy Trust’s Business Expansion Initiative.

The funding will be put to good use in financing the manufacturing, equipment capacity expansion and, most importantly for some, the creation of new jobs. Konarka kept on Polaroid’s technology and process engineering teams on opening and has said that it expects to hire an additional 100 employees over the next few years.

“This financing further demonstrates the State’s commitment toward broad-scale solar adoption and green job creation in the area of clean energy,” said Howard Berke, executive Chairman and co-founder of Konarka. “We appreciate the continued support from the collaborative effort of the Renewable Energy Trust and the Massachusetts Development Finance Agency, as we utilize the funds for manufacturing plant and equipment capacity expansion.”

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