Tracy Wemett, BroadPR
Konarka Secures Additional Financing from Lighthouse Capital
Lowell, Mass. - May 17, 2005 - Konarka Technologies, Inc., an innovator in developing and commercializing power plastics that convert light to energy, today announced the Company secured up to $7 million in venture debt financing from Lighthouse Capital Partners. Konarka plans to use the funds in the United States and Europe for research laboratory expansion, capital equipment and working capital related to the development of its light-activated power plastic.
"The quality of Konarka's team and the compelling value proposition of its innovative power plastic have positioned the Company to become a leader in making renewable energy mainstream," said Ned Hazen, managing director, Lighthouse Capital Partners. "We have a great deal of confidence in the business Konarka is building and its market potential."
Lighthouse Capital Partners is an independent partnership providing debt-based financing to early-stage technology companies backed by top-tier venture capital firms. Konarka's key investors include New Enterprise Associates, Draper Fisher Jurvetson, Vanguard Ventures, Partech International and Prime New Energy, as well as several domestic and international clean energy funds and corporate partners, ChevronTexaco, Eastman Chemical and Siemens Corporate Technology.
"We are very pleased to have a premier venture debt firm on board, and Lighthouse Capital Partners' involvement demonstrates Konarka's continuing ability to attract tier-one funding," said Howard Berke, chairman and chief executive officer, Konarka. "Lighthouse's financing validates Konarka's business model, as well as our future plans and prospects."
About Konarka Technologies, Inc.
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