Oct 4 2007
Konarka Technologies, Inc., an innovator in development and commercialization of Power Plastic®, a material that converts light to energy, today announced it has raised $45 million in private capital financing. The financing was led by Mackenzie Financial Corporation, a leading investment management firm with over $60 billion in assets under management, and was co-led by existing investor, Good Energies, a leading investor in the renewable energy industry. 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. The financing was agented by Lehman Brothers.
“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.”
Howard Berke, executive chairman of the board at Konarka, stated, “This funding further strengthens our balance sheet as we scale up to introduce Power Plastic commercially. We are in an optimal financial position to launch our renewable energy technology into a variety of markets.”