Plextronics Secures Funding For LED Technology

Plextronics, an American electronics manufacture, announced today that they had just secured financing for up to $14 million. The company will receive the majority of the funding from Solvay North American Investments, which is now Plextronics biggest minority share holder.

The company focuses primarily on lighting and solar technology, and began as a spinout from Carnegie Mellon University in 2002. Currently the company is concentrating heavily on LED technology, and will use the funding to increase research and development of their products.

Additionally, Plextronics produces materials for photovoltaic modules that are devoid of silicon. The company’s technology utilizes a polymer which can conduct electricity developed by Richard McCullough, from Carnegie Mellon.

New technologies coming out of the printed electronic industry are becoming feasibly alternatives to silicon-based products that see more widespread use in the solar and lighting industries. In addition to this new round of funding, Plextronics had benefited from a previous investment made by Solvay North American Investments, as well as a grant from Pennsylvania’s state renewable energy fund.

The company stated that the funding would go towards developing pilot programs to help commercialise the polymer-based equipment. In 2007, Plextronics reported that they raised as much as $37 million in equity in a five year period, which has helped the company achieve further research and development of their technologies.