Plextronics Inc. has landed a $14 million B financing round led by Solvay North American Investments, the Belgium chemical and pharmaceutical group that has invested $12 million in the company so far.
The infusion will allow Plextronics to continue growing its research, development and pilot manufacturing programs (for the Pop City story, click
here), which are aimed at bringing the company ever closer to commercialization of its solar cell and semi conductive ink technology. Plextronics has raised $55 million to date. This is Solvay's second investment in Plextronics, making it the largest minority shareholder.
Plextronics currently employs 70 and has grown by 10 percent this year. The company has tripled in size since 2006 and will continue to hire, albeit at a slower pace, says Sean Rollman, CFO.
"Our existing investors continue to show a great deal of confidence in the company," notes Rollman. "It also shows that we've deployed the money in a prudent way. The light at the end of the tunnel is getting nearer and nearer; we're one to two years away."
Increasing the lifespan of the inks and perfecting the ink printing process are among the tasks at hand before the technology--organic solar cells and light emitting-diode displays--are ready for market. Plextronics hopes to tap into the 15 billion printed electronics market.
In other news, Pittsburgh-based
Akustica, maker of the world's smallest and only single-chip MEMs, as in micro-electro mechanical systems microphone, was purchased by The Bosch Group.
The terms of the agreement were not disclosed. Akustica will remain in Pittsburgh as an independent, wholly owned subsidiary. There are no immediate plans for hiring, says Maria Vetrano, spokesperson.
Writer:
Debra Diamond SmitSource: Sean Rollman, Plextronics, Maria Vetrano, Akustica
Shown are organic solar cells that were printed using Plextronics' Plexcore® PV organic photovoltaic ink system.
Image courtesy of Plextronics