Konarka Technologies on Monday said it has raised $45 million in private capital funding to develop and commercialize its plastic-based photovoltaic technology.
Mackenzie Financial led the deal, along with existing investor, Good Energies.
Pegasus Capital also joined in the deal, as well as existing backers Draper Fisher Jurvetson, Asenqua Ventures, New Enterprise Associates, 3i, Vanguard Ventures, Chevron, Massachusetts Green Energy Fund, NGEN Partners, and the Angeleno Group.
The funding round brings Konarka's total private and venture funding to $105 million.
Unlike traditional solar modules, which use glass as a base, Lowell, Massachusetts-based Konarka prints or coats its solar cells onto flexible plastic substrates. The photo-reactive material, Power Plastic, is lightweight, flexible, and relatively inexpensive, according to the company. It also converts indoor light as well as direct sunlight into energy.
Konarka is researching a variety of applications for the material, including rollable laptop and cell phone battery chargers, photovoltaic fabrics, and roofing materials. The company was founded in 2001. The United States Army originally funded research into polymer-based photovoltaic cells in 2000.