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Business

Konarka Files For Bankruptcy

by Alexander H. Tullo
June 11, 2012 | APPEARED IN VOLUME 90, ISSUE 24

Konarka Technologies has filed for Chapter 7 bankruptcy protection. The Lowell, Mass.-based firm was founded in 2001 to develop markets for its organic photovoltaic technology in architectural applications such as windows, doors, and curtain walls. Under Chapter 7 bankruptcy proceedings, a trustee will liquidate Konarka’s assets to pay creditors. “This is a tragedy for Konarka’s shareholders and employees and for the development of alternative energy in the U.S.,” Konarka CEO Howard Berke says. Last month, Auburn Hills, Mich.-based Energy Conversion Devices initiated the liquidation of its thin-film solar subsidiary United Solar Ovonic when it couldn’t find a buyer for the business.

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