Power Engineering - Clean Energy Funds Invest in Konarka

29 September 2004 - Konarka Technologies, Inc., an innovator in developing and manufacturing breakthrough products that convert light to energy, announced Tuesday the Massachusetts Green Energy Fund and California-based Angeleno Group made strategic investments in the Company.

These equity investments represent critical new backing for commercialising Konarka's plastic power-producing materials from forward-looking, clean energy venture capitalists that fund technology companies working to alleviate the world's energy crisis.

"The increased awareness of the United States' dependence on foreign fossil fuels, declining air quality and need for reliable electricity to power our daily lives intensifies the need for innovation in renewable energy technology. It is fundamental to the health of the economy and our
society," said Howard Berke, chairman and CEO, Konarka.

"With Konarka gaining backing from energy investors on both the East and West coasts, we've proved we are building a company that can lessen consumer need for traditional power both here and abroad."

Konarka has demonstrated it understands U.S. energy issues by grounding itself in two of the most key renewable energy markets, where legislation, progressive initiatives and a portfolio of companies that can positively impact the crisis are valued and thriving.

"The Green Energy Fund plays a key role in helping Massachusetts-based companies bring important new renewable energy technologies to market," said William Osborn, managing director of Commons Capital, who manages the
fund for the Massachusetts Technology Collaborative, the state's development agency for renewable energy and the innovation economy. "With Konarka rapidly developing into a full-scale manufacturer of low-cost solar power generation products, it is extremely important to support this
exceptional management team in delivering a market solution to a major social and environmental challenge."

Konarka's flexible, lightweight materials are inexpensive,
easy-to-manufacture and versatile, and enable any power-consuming device or structure to carry its own on-board source of renewable energy. By enabling manufacturers to offer truly wireless electronics, consumers can break away
from the power grid and reduce their reliance on fossil fuels.

"As one of California's only clean energy technology funds, Angeleno Group believes Konarka is strongly positioned to be a leader in the multi-billion dollar global upstream solar market. We chose to invest in Konarka in large
part based on the strength of the management, the depth of the intellectual property and the rapid technology advancements being made toward commercialization," said Yaniv Tepper, a founding partner at Angeleno Group. "Given California's position at the forefront of clean energy policy and the growing market for renewable energy in the state, we have reviewed many solar investment opportunities and believe Konarka is the best company of its kind in the market today."

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