LONDON Konarka Technologies, Inc., a materials company specializing in plastics with optoelectronics properties that it has dubbed power plastic, has raised $20 million in venture capital financing in a round led by 3i Group plc, Konarka said Tuesday (Feb. 14).
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 said it planned to use the money to accelerate growth, to execute on its 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,” said Maschek, in a statement issued by Konarka (Lowell, Mass.).
“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,” said Howard Berke, chairman and chief executive officer, Konarka. “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.”
Konarka announced it had secured $18 million in its Series C round of financing in June 2004.
Konarka has raised $60 million since its founding in 2001. In 2004, Konarka acquired the organic photovoltaic research activities and scientific team of Siemens AG. Konarka has also formed a partnership with Leonard Kurz GmbH & Co. KG. (Feurth, Germany), a leader in printing.
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