NEW BEDFORD – Konarka Technolgies Inc. has received a $20 million investment from Japan-based Konica Minolta Holdings Inc. as part of an agreement between the two companies.
The companies have signed a deal to work together in developing and distributing organic thin-film photovoltaics, which convert light into energy. Lowell, Mass.-based Konarka, which has manufacturing operations in a former Polaroid facility in New Bedford, already manufactures organic photovoltaic products, but with this collaboration said it hopes to improve the conversion efficiency and lifespan of photovoltaic technologies.
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Konica Minolta and Konarka plan to create a joint venture company if the collaboration is successful after it starts in April.
“With our collaboration efforts, Konarka and Konica Minolta are well positioned to deliver efficient, next-generation photovoltaic panels to meet the growing demand for personal and commercial solar energy solutions around the world,” Howard Berke, executive chairman and co-founder of Konarka, said in a statement.
