LOWELL, Mass., June 24 -- Konarka Technologies Inc., a developer of polymer photovoltaic products that convert light to energy, announced it has secured $18 million in its Series C round of financing.
The new funding round is led by New Enterprise Associates (NEA), followed by Vanguard Ventures and includes new investors Partech International, Prime New Energy, SDL Ventures, Good Energies and Presidio Venture Partners. Series B round leader Draper Fisher Jurvetson and existing investors Zero Stage Capital, ChevronTexaco TechnologyVentures, Eastman Ventures, Ngen Partners and Ecole Polytechnique Federale De Lausanne also participated.
"We've committed our support to Konarka because its team has proven itself able in leading the charge toward commercialized photovoltaic products," said Arno Penzias, venture partner, NEA. "With the $5 billion photovoltaic industry growing at 40 percent annually during the last five years, we see great potential for the application of Konarka's breakthrough products. Its revolutionary material uniquely addresses the growing need for products with renewable power sources built-in."
Konarka has raised more than $32 million since 2001. It said the third-round funds will be used for capital equipment, operational expenses and strategic investments associated with scaling manufacturing to production levels. In addition, the funds will support its ongoing research and development efforts.
Konarka's light-sensitive products use next-generation nanomaterials that are coated on rolls of plastic. They absorb sunlight and indoor light and convert them into electrical energy. The company said it expects to deliver its first commercial products by December.
For more information, visit: www.konarka.com