Feb 17 2006
Konarka Technologies, Inc., an innovator in developing Power Plastic(TM) that converts light to energy, announced today it has raised $20 million in venture capital financing. The financing was led by 3i, a world leading venture capital and private equity firm.
Existing investors, including Draper Fisher Jurvetson, New Enterprise Associates, Good Energies, Vanguard Ventures, Partech International and Chevron Technology Ventures, also participated in the round. Konarka plans to use this round of funding to accelerate further growth, continue to execute on its global partnering strategy and to support ongoing research and development efforts.
Concurrent with the funding, Marko Maschek, partner with 3i, and Michael Ware, managing director at Advanced Capital Markets representing Good Energies, have joined Konarka's Board of Directors.
"Energy is one of the greatest problems facing the world this century. Today, less than one percent of the global energy produced comes from solar sources. With Konarka's exceptional management team and breakthrough technology, the organization is uniquely positioned to deliver innovative solar energy," said Marko Maschek, partner at 3i. "We are delighted to support the company to fulfill its vision of providing low cost, universally available sources of renewable power."
"Attracting significant funding from another tier one venture firm is a testament to Konarka's leadership team, technology and market opportunity," said Howard Berke, chairman and chief executive officer, Konarka. "We are pleased to have 3i join our group of leading investors, as well as the continued support of our existing investors. According to some analysts, the solar market represented an $8 billion opportunity in 2004, grew into an $11 billion opportunity in 2005 and could be in excess of $30 billion by the end of the decade. This funding will provide long-term financial support for ongoing process and product development, as we continue to execute upon our strategy of partnering with leading global materials, printing and product application companies."
Founded in 2001, Konarka has steadily expanded its presence. Previous funding in Konarka-$60 million since 2001-has allowed the company to make considerable advances in its photovoltaic technology, while continuing to strengthen its intellectual property (IP) position. In 2004, Konarka acquired Siemens AG's organic photovoltaic research activities, as well as its renowned scientific team. The Company also expanded and strengthened its European presence with the opening of a new center of operations, including research labs in Germany, and through a scale-up partnership with LEONARD KURZ GmbH & CO. KG. KURZ is a recognized leader in printing technology, with nine plant locations in Europe, the U.S. and the Pacific.