Konarka Technologies Secures up to $2 Million Line of Credit From Silicon Valley Bank
Lowell, MA — September 8, 2003 — Konarka Technologies, Inc., today announced that Silicon Valley Bank, a subsidiary of Silicon Valley Bancshares (Nasdaq: SIVB), will provide the company with a revolving line of credit of up to $2 million. This follows Konarka’s recent disclosure that the United States Army has also funded Konarka to develop the company’s photovoltaic technology to provide the Army with a source of lightweight, flexible, scalable and renewable power in a variety of form factors for military applications. Konarka leverages nanotechnology and conducting polymers to provide a source of renewable power. Konarka’s technology converts sunlight as well as indoor, artificial light into direct current electrical power. The company uses unique, proprietary low-temperature production methods to put the photovoltaic cells onto flexible, lightweight plastics.
"Today’s announcement regarding Konarka’s line of credit with Silicon Valley Bank marks an important milestone as Konarka continues to partner with other world-class firms, such as Eastman Chemical and ChevronTexaco, to transform the company from a developer to a global manufacturer and provider of products," said Howard Berke, Chairman, Konarka Technologies, Inc.
"While Konarka Technologies already possesses significant cash reserves, this move provides additional working capital to support the company’s growth and overall business strategy," said Oscar Jazdowski, Senior Relationship Manager, Silicon Valley Bank. "Silicon Valley Bank is an ideal partner to help finance Konarka’s growth and the company’s working capital needs, as we will provide Konarka with our full suite of banking services as Konarka grows domestically and internationally," Jazdowski added.
In a fraction of a day, the sun delivers enough energy to supply the world’s power needs for a year. Konarka’s photovoltaic nanotechnology converts sunlight as well as indoor, artificial light into direct current (DC) electrical power. Some of the markets Konarka will enter include on-board power for portable electronics, off-grid habitation, construction and government applications.
About Silicon Valley Bank Silicon Valley Bank provides diversified financial services to emerging growth and mature companies in the technology and life sciences markets, as well as the premium wine industry. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients’ success. Founded in 1983 and headquartered in Santa Clara, Calif., the company serves more than 9,500 clients across the country through 27 regional offices. More information on the company can be found at www.svb.com.