Konarka, yet another company experimenting with new-fangled technology to produce more efficient solar cells, hasn't been able to articulate a clear business strategy in the six years since it started.
However, solar technology is hot, and the company has raised $45 million more in capital to give it more time to keep trying. It has now raised more than $100 million.
Like several other start-ups, the Lowell, Mass. company has been using non-silicon material to produce a more flexible thin-film solar cell to convert light into energy. However, it has continued to dabble on a number of solar projects, while its competitors have remained laser-focused on producing a producing a workable cell for the roofs of large buildings and other expansive areas. Even with focus, those other companies have been delayed.
The financing was led by Toronto investment firm, Mackenzie Financial, along with Good Energies. Other investors were Pegasus Capital and existing investors Draper Fisher Jurvetson, Asenqua Ventures, New Enterprise Associates (NEA) and 3i.
Konarka is using a plastic, or "polymer" for its technology, and is testing it in a variety of areas, including portable and consumer products such as powering PDAs or recharging batteries on the battlefield, and in various parts of housing (windows, for example) other than rooftops. The products aren't expected to hit the market until next year.
Other participating current investors include Vanguard Ventures, Chevron, Massachusetts Green Energy Fund, NGEN Partners, Angeleno Group and Asenqua Ventures.