Belectric acquires Konarka Technologies

Belectric advised that the deal to acquire Konarka Technologies has been completed, with an agreement reached between the two companies. Konarka Technologies applied for insolvency earlier this year and began negotiations with several investors.  Alexander Kubusch, preliminary insolvency administrator from Curator, commented, “…our talks have now reached a successful conclusion. Of the many interested parties, we ultimately opted for Belectric Holding, because this company not only offered an ideal solution to the issue of business operations but also went a long way toward upholding the interests of creditors.”

Konarka Technologies will now operate as Belectric OPV and have its whole team, led by former Director of European Operations and current CEO Ralph Pätzold at the company’s Nürnberg site. The company will continue research, development and production, as well as international distribution of its printed PV cells. Over the coming year, Belectric OPV will look to increase the service life of the organic solar cells, performing different tests over the first phase.

Michael Belschak, CFO of Beletric Holding, expects the first revenue to be generated as early as the second half of 2013. Belschak commented, “We will use Power Plastic wherever conventional modules aren’t a suitable solution. Particularly in facade construction and in the automotive sector, the highly flexible and pliable material can be used in a variety of ways to save energy cost-effectively. And we have already received some inquiries from the consumer segment, where there is also great interest in the product.”