Konarka Files for Bankruptcy
Greentech Media
Whatever else one can say about organic solar cell aspirant Konarka, the startup was amazingly skillful at raising money.
But that streak has ended.
We had heard from a number of credible sources that the company was in trouble, having difficulty raising more financing, and flirting with some type of protection from creditors. We had made a number of inquiries with the CEO, Howard Berke, as well as board members, staff members, and the firm’s PR agency, but all parties were unresponsive.
We have just learned that Konarka has filed for bankruptcy protection under chapter 7 of the federal bankruptcy laws, according to a release. The company’s operations will cease, and now a trustee will liquidate the company’s assets for the benefit of creditors.
Konarka has raised more than $150M in angel funding, venture capital, strategic investment and private equity money raised since 2001. Throw in at least $10 million more in DARPA, DOE, NSF, U.S. Army, bank loans and credit lines in the last ten years. Investors over the years include Chevron, Good Energies, Draper Fisher Jurvetson, Konica Minolta, Total, NEA, The Massachusetts Green Energy Fund, Vanguard Ventures, Mackenzie Financial, Partech, and many more.
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