Konarka Raises $20 Million from Konica Minolta, Signs R&D Deal

Konarka Technologies Inc., a Lowell, Mass.-based developer of flexible solar energy technology called “Power Plastic,” has raised $20 million in strategic funding from Konica Minolta. The two companies also signed an R&D collaboration deal, to jointly develop and distribute organic thin-film photovoltaics. Konarka previously raised around $175 million from 3i Group, Ardesta, Angeleno Group, Chevron Technology Ventures, Draper Fisher Jurvetson, Good Energies, Massachusetts Green Energy Fund, NGEN Partners, New Enterprise Associates, Presidio STX, Siemens Venture Capital, Total Gas & Power and Vanguard Ventures.