Konarka Raises $20 Million in Venture Capital Financing Led by 3i; Established investors back energy innovator to take advantage of growing $11 billion market opportunity
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.
“Attracting significant funding from another tier one venture firm is a testament to Konarka's leadership team, technology and market opportunity”
"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. With Konarka's exceptional management team and breakthrough technology, the organization is uniquely positioned to deliver innovative solar energy," said Marko Maschek, partner at 3i. "We are delighted to support the company to fulfill its vision of providing low cost, universally available sources of renewable power."
"Attracting significant funding from another tier one venture firm is a testament to Konarka's leadership team, technology and market opportunity," said Howard Berke, chairman and chief executive officer, Konarka. "We are pleased to have 3i join our group of leading investors, as well as the continued support of our existing investors. 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. 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."
Founded in 2001, Konarka has steadily expanded its presence. Previous funding in Konarka--$60 million since 2001--has allowed the company to make considerable advances in its photovoltaic technology, while continuing to strengthen its intellectual property (IP) position. In 2004, Konarka acquired Siemens AG's organic photovoltaic research activities, as well as its renowned scientific team. The Company also expanded and strengthened its European presence with the opening of a new center of operations, including research labs in Germany, and through a scale-up partnership with LEONARD KURZ GmbH & CO. KG. KURZ is a recognized leader in printing technology, with nine plant locations in Europe, the U.S. and the Pacific.
Based on its significant contributions to the energy market and the nanotechnology field, Konarka has been named a Red Herring Top 100 Company and was most recently awarded the Popular Mechanics Breakthrough Award for 2005. In addition, the Company has been honored for its innovation from Fast Company, the World Economic Forum, Small Times, Always On, Innovation World and Mass High Tech.
3i is a leading international venture capital and private equity firm that was founded in 1945 to invest in buyouts, growth capital and venture capital in order to create market-leading companies. Since its inception, 3i has invested over $32 billion worldwide and has a total staff of 700 employees operating in 14 countries.
In the U.S., 3i invests in both early and late stage technology companies in the software, communications, semiconductor and healthcare sectors. 3i partners leverage over 150 years of investing and operating experience and a global network to create value for their portfolio and investment partners. With a proven track record and knowledge of venture capital investing, 3i provides hands on support and guidance in building and scaling successful businesses.
3i is a successful active early and late stage investor. It has 10 partners in its U.S. offices in Menlo Park, Calif. and Waltham, Mass. Recent investments in early stage companies include BlueLithium, Bitfone, Peerflix, Crystal IS, TransMedics, NeoGuide Systems, DAFCA, SiGe Semiconductor, Discera and OmniGuide. 3i has been equally active on the late stage, with recent investments in Vonage, Mindjet, Skystream Networks, Speakeasy, Impact Rx, Merchant e-Solutions, Placeware, Swissray, Top Layer and Vette Corp. Visit 3i and its portfolio at www.3i.com.
About Konarka Technologies, Inc.
Konarka builds products that convert light to energy - anywhere. Konarka is the leading developer of Power Plastic(TM), 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 director, co-founder and chief scientist for Konarka. Konarka Technologies is headquartered in Lowell, Mass., U.S.A., with European headquarters in Nuremberg, Germany, and research and development facilities in Austria and Switzerland. For more information, visit http://www.konarka.com or contact Tracy Wemett, BroadPR, at +1-617-868-5031 or firstname.lastname@example.org.
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