Zero Stage Capital Invests in Konarka Technologies, Inc.

Early-Stage Company Developing Leading-Edge, Low Cost, Flexible Solar Cells

CAMBRIDGE, Mass. — August 28, 2001 — Zero Stage Capital today announced that it has provided seed funding to Konarka Technologies, Inc., which the company will use to validate its leading-edge solar energy technology and complete its business plan in anticipation of further investment funding.

Konarka, based in Lowell, Mass., is developing a flexible, lightweight, portable solar cell that can be incorporated in building materials, appliance surfaces, clothing, and a wide range of new applications. Unlike other photovoltaic technologies, Konarka’s operates under sunlight and artificial lighting conditions, as well as in a wide range of temperatures.

Howard Berke, chairman of the board of Konarka, founder and co-founder of nine start-up/early stage technology companies, said, “We’re pleased that Zero Stage Capital recognizes the tremendous opportunity in developing low cost, flexible photovoltaic technology. Konarka’s high caliber team of scientists and advisors, including board member Dr. Alan Heeger, the 2000 Nobel laureate in chemistry, gives it an exceptional edge in serving the huge solar energy market.”

Konarka’s president, Paul M. Wormser, has been in solar energy for more than 20 years, focusing on commercialization activities, including positions with Exxon’s, Mobil’s and RWE’s solar companies and as CEO of Advanced Energy, a power electronics startup.

According to Wormser, Konarka “is advancing the efficiency and reliability of photovoltaic technology to the point where we believe it will replace the ubiquitous battery and even leapfrog conventional power lines. With worldwide demand for electricity growing exponentially, applications that range from portable electronics to households to the urban environment will make solar cell technology a practical solution virtually anywhere in the world.”

Konarka’s technology, which builds on dye-sensitized solar cell technology, integrates polymer chemistry, physics, dye technology, and nanomaterials science.