The Transform Technology Summits start October 13th with Low-Code/No Code: Enabling Enterprise Agility. Register now!
Plextronics, a Pittsburgh-based start-up developing organic photovoltaic technology for solar power, said it has raised $20.6 million in a second round of financing.
The round was led by the Solvay Group, a Brussels-based chemical-pharma group, and included Firelake Capital Management, Birchmere Ventures, Draper Triangle Ventures and Newlin Investment Company. Plextronics has raised a total of $37 million in equity capital over the last five years.
The company specializes in “printed electronics,” a field that covers next-generation light technologies (organic LEDs), flexible displays, plastic solar cells and organic RFID tags. The company is active in each of these lines. It says the market for printed electronics was about $1 billion in 2006 and is expected to exceed $300 billion within 20 years.
The company says its organic solar cells are getting efficiency rates of five percent in lab testing (referring to the efficiency with which the sun is converted into energy), which is high among organic photovoltaic competitors, but lower than other competing photovoltaic technologies, such as those based on crystalline silicon. The hope is that organic solar cells are cheaper to manufacture.
VentureBeatVentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative technology and transact. Our site delivers essential information on data technologies and strategies to guide you as you lead your organizations. We invite you to become a member of our community, to access:
- up-to-date information on the subjects of interest to you
- our newsletters
- gated thought-leader content and discounted access to our prized events, such as Transform 2021: Learn More
- networking features, and more