Solar Shakeout: Konarka Technologies files for bankruptcy

Facebook
Twitter
LinkedIn
Reddit
Email

Failure to secure further funding has forced flexible thin-film manufacturer, Konarka Technologies into bankruptcy. The Chapter 7 bankruptcy via a Massachusetts Bankruptcy Court means full liquidation and asset sale to pay creditors. Since its initial venture capital funding in 2001, the company had raised around US$190 million to develop and market its roll-to-roll OPV (organic photovoltaic) technology.

“Konarka has been unable to obtain additional financing, and given its current financial condition, it is unable to continue operations,” noted Howard Berke, chairman, president and CEO of Konarka in a statement. “This is a tragedy for Konarka’s shareholders and employees and for the development of alternative energy in the United States.”

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

As stated in bankruptcy court filings, Konarka had debts of up to US$50 million but assets of only US$500,000. Subsidiary, Konarka NB Holdings had up to US$10 million in assets but only US$50,000 in debts. Approximately, 85 jobs will be lost. 

However, Konarka management noted that the company had received potential offers to either acquire or provide further funding, including from the Chinese government. However, a court-appointed trustee would have to be responsible for any negotiations.

The OPV firm had received venture capital from a host of big names, including oil companies, Chevron and Total, VC firms, Draper Fisher Jurvetson and New Enterprise Associates as well as Konica Minolta and Good Energies.

Konarka follows numerous other PV manufacturers into bankruptcy and especially those in the BIPV and BAPV markets, which are struggling to develop and expand. Energy Conversion Devises, Nuon Helianthos, Scheuten Solar, Odersun and Soltecture all focused on these two markets.

Altogether 13 thin-film firms have gone bankrupt or closed down since April, 2010 when the first thin-film company, SunFilm closed its doors. However, the majority have failed since the beginning of 2012, as overcapacity and aggressive ASP declines for conventional crystalline silicon technologies have exposed higher production costs and lower cell efficiencies of a-Si thin-film technologies, in particular.

As of the beginning of June, 2012 around 40 companies in the PV industry have failed of which 26 have been this year.
 

Read Next

September 18, 2025
CERC is finalising guidelines for virtual power purchase agreements (vPPAs) to unlock financing for over 40GW of uncontracted renewable capacity.
September 18, 2025
The capacity of virtual power plants in operation in North America has reached 37.5GW, a 13.7% year-on-year growth, according to Wood Mackenzie.
September 18, 2025
The Canadian Renewable Energy Association (CanREA) has forecast that Canada will add between 17GW and 26GW of solar PV over the next decade.
September 18, 2025
Researchers have called for enhanced international standards to detect ultraviolet-induced degradation (UVID) in PV modules after identifying “severe” levels of the problem in operational n-type panels.             
September 18, 2025
Indian PV makers have welcomed the government’s plan to add solar wafers to its ALMM List-III from June 2028.
September 17, 2025
US renewables developer Longroad Energy has reached financial close for its 400MW 1000 Mile solar project in the US state of Texas.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines
Solar Media Events
October 7, 2025
San Francisco Bay Area, USA