Konarka Technologies Inc. (Lowell, MA), a developer and manufacturer of products that convert light to energy, announced that it has secured $18 million in its Series C round of financing. This round of financing is led by New Enterprise Associates, followed by Vanguard Ventures, and includes new investors Partech International, Prime New Energy, SDL Ventures, Good Energies and Presidio Venture Partners.
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.
