Konarka Technologies Inc., a thin- film solar row manufacturer corroborated by Chevron Corp. (CVX), Draper Fisher Jurvetson and New Enterprise Associates Inc., filed for Chapter 7 bankruptcy.
?Konarka has been incompetent to obtain additional financing, and given a stream financial condition, it is incompetent to continue operations,? Howard Berke, arch executive officer of the Lowell, Massachusetts-based company, pronounced currently in a statement.
Konarka listed $100,000 to $500,000 in resources and $10 million to $50 million in debt in a filing currently in U.S. Bankruptcy Court in Worcester, Massachusetts. Konarka NB Holdings LLC, in a apart filing, listed $1 million to $10 million in resources and as most as $50,000 in debt.
At slightest 4 other U.S. solar row manufacturers filed for failure in a past year as a cost of a panels fell 50 percent due to oversupply and prolongation enlargement in China.
Konarka?s solar panels were done from a conductive polymer invented by association co-founder and Nobel Prize-winner Alan Heeger, not from silicon used in required solar panels.
Manufacturers of thin-film solar products such as Konarka attracted try investments as a cost of polysilicon, the raw element in required panels, usually increasing and peaked during $475 a kilogram in 2008. The material?s average spot price has given depressed to $23.20 a kilogram, according to Bloomberg New Energy Finance data.
Konarka?s Technology
Konarka printed a conductive polymer onto a flexible plastic subsidy material, an proceed that was easier and saved costs compared to required solar row manufacturing, and the panels were stretchable adequate to be incorporated into buildings or other civic structures, according to a company.
Konarka?s record was reduction fit during converting light into electricity than others in a industry. Its panels had a conversion potency of about 9 percent, according to the company?s website. Semprius Inc., a solar row builder corroborated by Siemens AG (SIE), claims to have demonstrated a world?s highest efficiency in a lab of 33.9 percent.
Its other investors enclosed Konica Minolta Holdings Inc. (4902), Total SA (FP), Good Energies Inc., Massachusetts Technology Collaborative and a Massachusetts Green Energy Fund LP. The company lifted during slightest $189 million in venture capital since 2001, according to Bloomberg New Energy Finance.
Shareholder ?Tragedy?
?This is a tragedy for Konarka?s shareholders and employees and for a growth of choice appetite in the U.S.,? Berke said.
Konarka was one of a initial solar companies to be funded with try capital, pronounced Nathaniel Bullard, an researcher with Bloomberg New Energy Finance in San Francisco. ?It received a initial try investments scarcely 11 years ago, in August 2001.?
The company?s record has ?great guarantee though with a almighty caveats? per cost, potency and a need for industrial partners, Bullard said.
The box is In re Konarka Technologies, 12-42095, U.S. Bankruptcy Court, District of Massachusetts (Worcester.)
To hit a reporters on this story: Andrew Herndon in San Francisco at aherndon2@bloomberg.net; Edvard Pettersson in Los Angeles at epettersson@bloomberg.net
To hit a editors obliged for this story: Michael Hytha at mhytha@bloomberg.net; Reed Landberg at landberg@bloomberg.net
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