Massachusetts Green Bubble Alert: Konarka Technologies, Inc. Lowel, Massachusetts
Konarka shutting down after raising $185M for solar tech
Boston Business Journal by Kyle Alspach, VC Editor
Date: Monday, June 4, 2012, 9:51am EDT - Last Modified: Monday, June 4, 2012, 10:27am EDT
After raising at least $185 million in private capital for its solar power technology, Konarka Technologies Inc. is selling off its assets as part of a Chapter 7 bankruptcy protection filing.
The Lowell-based company has been unable to obtain additional financing and can no longer continue operations "given its current financial condition," CEO Howard Berke said in an announcement Friday. The company has cut 85 jobs, according to Mass High Tech.
Konarka declared bankruptcy nearly a decade after Romney’s grant and five years after he left office, while the Obama administration’s investment tanked within two years." (Solyndra)
Konarka Technologies received $5 million in financing in the form of a long-term loan from the Emerging Technology Fund of Massachusetts Development Finance Agency and the Massachusetts Renewable Energy Trust. And, $20 million in grants from government agencies such as the Department of Energy and the Pentagon.
"Governor of Massachusetts, Deval Patrick stated, "With our vast array of technology expertise and resources, Massachusetts has the capability to become a global center for alternative and renewable energy, and Konarka is helping to solidify our commitment to a clean energy future. I am delighted Konarka is bringing more jobs to the Commonwealth ? especially in the area of renewable energy."http://www.konarka.com/index.php/site/pressreleasedetail/konarka_secures_5_million_loan_for_manufacturing_and_job_creation