Tuesday, December 16, 2008

Konarka Announces Strategic Collaboration and $45 Million Investment from Total

Total, One of the World's Major Integrated Oil and Gas Companies, and
First Rank Player in Chemicals, Aims to Grow Photovoltaic Thin Film
Business through R&D, Collaboration with Konarka

Konarka Technologies, Inc., an innovator in development and
commercialization of Power Plastic(R), a material that converts light
to energy, today announced the company has signed bilateral R&D and
cooperation agreements with Total, one of the largest publicly-traded
integrated international oil and gas companies in the world. Konarka
has secured $45 million in funding and Total will become the leading
shareholder with its stake being slightly less than 20%. Konarka will
work on developing new components for their products with Total's
chemical subsidiaries – Atotech, Bostik, Hutchinson, Sartomer and
Total Petrochemicals USA. Already present in solar energy through its
interest in Photovoltech and Tenesol, Total intends to step up its
crystalline silicon-based cell production. At the same time, it aims
to grow in the thin film segment; which Konarka will help it to do.

"This is a very substantial and significant investment from a major
global energy corporation," commented Howard Berke, executive chairman
and co-founder of Konarka. "This strategic alignment will give Konarka
access to a new strength of resources, assets and operations from
around the world. Through the agreements, Konarka will be very
instrumental in helping Total to secure its future in solar energy by
facilitating the growth of its solar thin film segment of the
company's renewable energy business."

Following the transaction, Philippe Boisseau, President, Total Gas &
Power, stated: "This investment positions Total strategically to
secure the future of solar energy while expanding its technological

"We look forward to working with Total's five chemical subsidiaries on
technical collaboration, as well as efficient operational procedures,"
commented Rick Hess, president and CEO at Konarka. "Active in the area
of solar energy for the past 20 years, Total also brings extensive
expertise in carbon chemistry. The collaboration between the two
companies will advance the deployment of solar power for more
cost-efficient, renewable energy around the globe."

Total is one of the world's major oil and gas groups with activities
in more than 130 countries. Its 96,000 employees put their expertise
to work in every part of the industry – exploration and production of
oil and natural gas, refining and marketing, gas and power and
trading. Total is working to keep the world supplied with energy, both
today and tomorrow. The Group is also a first rank player in

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