Konarka Raises $18 Million
Lead by New Enterprise Associates, Investors Show Continued Confidence in Photovoltaic Innovator
FOR IMMEDIATE RELEASE
Lowell, Mass. June 23, 2004 Konarka Technologies, Inc., an innovator in developing and manufacturing breakthrough products that convert light to energy, announced today it secured $18 million in its Series C round of financing.
This round of financing 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 (DFJ) and other existing investors Zero Stage Capital, ChevronTexaco Technology Ventures, Eastman Ventures, Ngen Partners and Ecole Polytechnique Fédérale De Lausanne also participated.
Weve 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 Konarkas breakthrough products. Its revolutionary material uniquely addresses the growing need for products with renewable power sources built-in.
Raj Atluru, managing director at Draper Fisher Jurvetson said, The quality of the syndicate supporting Konarka is a testament to the quality of the team and the fundamental breakthrough nature of the companys core technology. The company has brought together the best partners worldwide to turn its vision into a reality. Konarka has the potential to be among the most important companies that DFJ has ever invested in.
Since 2001, Konarka has raised more than $32 million. The Series C financing will be used for capital equipment, operational expenses and strategic investments associated with scaling manufacturing to production levels. In addition, the funds will support ongoing research and development efforts at Konarka. The company expects to deliver its first commercial products by December 2004.
Konarka is executing its vision for applying photovoltaic nanotechnology to commercial products, said Howard Berke, chairman and CEO, Konarka. It is a testament to our team that we have been able to share this vision to capture the interest of investors like NEA, Vanguard Ventures, Draper Fisher Jurvetson and others. This latest round of financing validates the viability of our products, our go-to-market strategy and our dominant intellectual property portfolio.
About Konarka Technologies, Inc.
Konarka builds products that convert light to energy anywhere. Konarka is the leading developer of polymer photovoltaic products that provide a source of renewable power in a variety of form factors for commercial, industrial, government and consumer applications. Konarka's photovoltaic nanotechnology is focused on delivering lightweight, flexible, scalable and manufacturable products. Konarka has a broad portfolio of patents, technology licenses and an accomplished technical team. Nobel Laureate Professor Alan Heeger (UC Santa Barbara) is a chief scientist for Konarka and Dr. Michael Grätzel (Ecole Polytechnic Fédérale de Lausanne) is a senior scientific advisor. Konarka Technologies is headquartered in Lowell, MA, U.S.A. and has subsidiaries in Austria and Switzerland. For more information, visit www.konarka.com or contact Tracy Wemett, BroadPR at 617-868-5031 or firstname.lastname@example.org.
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