Konarka Receives $18m in Investment for Solar Cell Development

Konarka Technologies, Inc., an innovator in developing and manufacturing breakthrough products that convert light to energy, announced today a significant investment from the European venture capital community as part of its recent $18 million Series C round of financing.

Partech International, Prime New Energy and Good Energies participated in this funding round, joining lead investor New Enterprise Associates, Vanguard Ventures, SDL Ventures, Presidio Venture Partners, Draper Fisher Jurvetson, Zero Stage Capital, ChevronTexaco Technology Ventures, Eastman Ventures, Ngen Partners and Ecole Polytechnique Fédérale De Lausanne.

“Konarka is a global technology leader in the development of third generation solar cells. Its patent portfolio is solid, and its research and development capabilities are first class,” said Georg Furger, vice president, Portfolio Management, Credit Suisse Asset Management, who acts as an investment adviser to Prime New Energy. “The political conditions for solar energy are favorable in many parts of Europe, and we predict large, long-term market potential for the third generation of photovoltaics. A strong European base is therefore crucial to the success of a global PV market player.”

Konarka Chairman and CEO Howard Berke said, “This latest round of funding reflects our global vision. Our new European investors, Partech International, Prime New Energy and Good Energies, understand Konarka's commitment to the European market, and their investment underscores their confidence in us. We have research and development operations in Europe, and we plan to expand them, develop our commercial operations and grow our European employee base.”

Konarka will also grow its U.S. headquarters to scale manufacturing to production levels. The company expects to deliver its first commercial products by December 2004. Since 2001, Konarka has raised more than $32 million.

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