Plextronics, a Pennsylvania-bassed company that specializes in printed solar, lighting and other organic electronics, has completed a $14 million Series B-1 financing round.
The round was led by Solvay North American Investments, LLC, a member of the Solvay Group (Euronext: SOLB.BE), which is an international chemical and pharmaceutical group headquartered in Brussels, Belgium.
Marking Solvay’s second investment in three years, this $12 million investment makes Solvay the largest minority shareholder in Plextronics. Plextronics’ President and CEO Andy Hannah said that the financing will allow the company to continue to grow its research, development and pilot manufacturing programs, all of which are aimed at the commercialization of its technology.
Plextronics was founded in 2002 as a spinout from Carnegie Mellon University, based upon conductive polymer technology developed by Dr. Richard McCullough.
"The funding from this round will enable us to continue to advance our lighting and solar products--namely our Organic Light Emitting Diode (OLED) and Organic Photovoltaic (OPV) materials and inks--so that we can scale these products to meet the customer and industry demand we are seeing," said Hannah.
Several of Plextronics’ existing private investors also contributed to this B-1 financing. Prior to today’s announcement, the last financing round Plextronics completed was a $25 million Series B financing in 2007.