Konarka continues fund-raising

Konarka Technologies is working toward a $73.5 million investment round, a sizeable slice of which has already been promised by French company Total S.A. (NYSE: TOT).

The company, which makes plastics that convert solar power to electricity, announced it had raised $45 million in exchange for less than 20% of its equity in December, putting its enterprise value at $225 million.

That’s a significant step up from the valuation it had a year ago, when the firm raised a $45 million Series F at a valuation of $75 million, according to data from Thomson Reuters (publisher of PE Week).

The latest investment comes as part of a Series G investment round. The company has already raised $53.5 million for the Series G round, according to a regulatory filing.

Before its Series G, Konarka had raised a total of $98.4 million from venture capitalists, records show. Backers include Draper Fisher Jurvetson, NGEN, New Enterprise Associates, 3i, Vanguard Ventures, Siemens Venture Capital and Chevron Technology Ventures among others.

The Lowell, Mass.-based company reported revenue between $1 million and $5 million, according to its most recent regulatory filing.

Venture capitalists were bullish on solar in 2008, backing 69 companies with $2.35 billion, according to Thomson Reuters. —Alexander Haislip