Konarka raises $18 million for photovoltaic nanotechnology

Lowell, MA, June 23, 2004--Konarka Technologies, Inc., an innovator in developing and manufacturing products that convert light to energy, announced today it secured $18 million in its Series C round of financing.

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."