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Plextronics Nets $14M

Photonics.com
Aug 2009
PITTSBURGH, Aug. 20, 2009 – Plextronics Inc., a maker of printed solar, lighting and other organic electronics, has announced the completion of its $14 million series B-1 financing round, led by a $12 million investment by Solvay North American Investments LLC.

This was Solvay’s second investment in Plextronics in three years; Solvay is a member of the Brussels, Belgium-based international chemical and pharmaceutical group Solvay Group and now the largest minority shareholder in Plextronics. 

Based in Pittsburgh, Plextronics was founded in 2002 as a spinout from Carnegie Mellon University and the conductive polymer technology developed there by Dr. Richard McCullough.

“The funding from this round will enable us to continue to advance our lighting and solar products – namely our organic light-emitting diode [OLED] and organic photovoltaic [OPV] materials and inks – so that we can scale these products to meet the customer and industry demand we are seeing,” said Plextronics President and CEO Andy Hannah.

Several of Plextronics’ existing private investors also contributed to this funding round; the last round Plextronics completed was a $25 million series B financing in 2007.

For more information, visit: www.plextronics.com


GLOSSARY
diode
A two-electrode device with an anode and a cathode that passes current in only one direction. It may be designed as an electron tube or as a semiconductor device.
photonics
The technology of generating and harnessing light and other forms of radiant energy whose quantum unit is the photon. The science includes light emission, transmission, deflection, amplification and detection by optical components and instruments, lasers and other light sources, fiber optics, electro-optical instrumentation, related hardware and electronics, and sophisticated systems. The range of applications of photonics extends from energy generation to detection to communications and...
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