As part of the agreement, Konica Minolta will invest $20 million into Konarka, which has created the Konarka Power Plastic that can convert light into solar energy. The companies will aim to combine their strongest developmental traits to improve the creation of thin-film photovoltaic materials while also improving their conversion rate, making them last longer, and reducing their production costs.
"Konica Minolta positions the organic thin-film photovoltaic business as one of the most promising in the environment and energy field, next to the organic light emitting diode business, where our photographic film manufacturing technology is leading mass production," said Masatoshi Matsuzaki, Konica Minolta's CEO. "We are pleased to be collaborating with Konarka, the first and world leader to commercialize organic thin-film photovoltaics because of its state-of-the-art polymer technology and its mass production facility in New Bedford, Massachusetts."
Howard Berke, the co-founder of Konarka, added that the collaboration between the two companies would help position themselves in a prime position to deliver next generation of photovoltaic panels to clients all over the world.
The two companies are also planning on developing a joint venture company in Japan that will produce organic thin-film photovoltaic panels.
