February 14, 2006

Konarka Raises $20 Million in Venture Capital Financing Led by 3i; Established investors back energy innovator to take advantage of growing $11 billion market opportunity

LOWELL, Mass.-- Konarka Technologies, Inc., an innovator in developing Power Plastic that converts light to energy, announced today it has raised $20 million in venture capital financing. The financing was led by 3i, a world leading venture capital and private equity firm. Existing investors, including Draper Fisher Jurvetson, New Enterprise Associates, Good Energies, Vanguard Ventures, Partech International and Chevron Technology Ventures, also participated in the round. Konarka plans to use this round of funding to accelerate further growth, continue to execute on its global partnering strategy and to support ongoing research and development efforts.

Concurrent with the funding, Marko Maschek, partner with 3i, and Michael Ware, managing director at Advanced Capital Markets representing Good Energies, have joined Konarka's Board of Directors.

"Energy is one of the greatest problems facing the world this century. Today, less than one percent of the global energy produced comes from solar sources. With Konarka's exceptional management team and breakthrough technology, the organization is uniquely positioned to deliver innovative solar energy," said Marko Maschek, partner at 3i. "We are delighted to support the company to fulfill its vision of providing low cost, universally available sources of renewable power."

"Attracting significant funding from another tier one venture firm is a testament to Konarka's leadership team, technology and market opportunity," said Howard Berke, chairman and chief executive officer, Konarka. "We are pleased to have 3i join our group of leading investors, as well as the continued support of our existing investors. According to some analysts, the solar market represented an $8 billion opportunity in 2004, grew into an $11 billion opportunity in 2005 and could be in excess of $30 billion by the end of the decade. This funding will provide long-term financial support for ongoing process and product development, as we continue to execute upon our strategy of partnering with leading global materials, printing and product application companies."

Founded in 2001, Konarka has steadily expanded its presence. Previous funding in Konarka--$60 million since 2001--has allowed the company to make considerable advances in its photovoltaic technology, while continuing to strengthen its intellectual property (IP) position. In 2004, Konarka acquired Siemens AG's organic photovoltaic research activities, as well as its renowned scientific team. The Company also expanded and strengthened its European presence with the opening of a new center of operations, including research labs in Germany, and through a scale-up partnership with LEONARD KURZ GmbH & CO. KG. KURZ is a recognized leader in printing technology, with nine plant locations in Europe, the U.S. and the Pacific.

Based on its significant contributions to the energy market and the nanotechnology field, Konarka has been named a Red Herring Top 100 Company and was most recently awarded the Popular Mechanics Breakthrough Award for 2005. In addition, the Company has been honored for its innovation from Fast Company, the World Economic Forum, Small Times, Always On, Innovation World and Mass High Tech.

About Konarka Technologies, Inc.

Konarka builds products that convert light to energy - anywhere. Konarka is the leading developer of Power Plastic(TM), polymer photovoltaic products that provide a source of renewable power in a variety of form factors for commercial, industrial, government and consumer applications. Konarka's photovoltaic nanotechnology is focused on delivering lightweight, flexible, scalable and manufacturable products. Konarka has a broad portfolio of patents, technology licenses and an accomplished technical team. Nobel Laureate Professor Alan Heeger (UC Santa Barbara) is a director, co-founder and chief scientist for Konarka. Konarka Technologies is headquartered in Lowell, Mass., U.S.A., with European headquarters in Nuremberg, Germany, and research and development facilities in Austria and Switzerland. For more information, visit http://www.konarka.com or contact Tracy Wemett, BroadPR, at +1-617-868-5031 or tracy@broadpr.com.