Plextronics’ organic LED & solar tech picks up $14M

Pittsburgh, Pa.-based Plextronics said today it completed a $14 million financing that it called a Series B-1, led by Solvay North American Investments, which contributed $12 million and is now its largest minority shareholder.

The funding is expected to allow Plextronics, a printed electronics developer, to expand its research, development and pilot manufacturing programs aimed at commercializing its technology.

The company, a spinout from Carnegie Mellon University founded in 2002, is looking to advance its lighting and solar products, namely its organic light-emitting diode and organic photovoltaic materials and inks which don’t use silicon (see Solar goes organic). The company's work is based on conductive polymer technology developed by Carnegie Mellon’s Richard McCullough.

Printed electronic technology is thought to hold the potential of being able to deliver low-cost products. But it has yet to overtake the well-established silicon industry that supplies today's photovoltaic market because it's still lacking in conversion efficiency.

Today’s announcement marks Solvay's second investment in the company in three years. Plextronics completed its initial $25 million Series B financing in 2007 (see Plextronics takes in $20.6M and Cash shines on solar).

Solvay North American Investments is a member of the Belgium-based chemical and pharmaceutical company Solvay Group.

Several of Plextronics’ existing private investors were also said to have contributed to the B-1 financing, although they were not disclosed.

Previous investors in the 2007 Series B round included Firelake Capital Management, Birchmere Ventures, Draper Triangle Ventures and Newlin Investment. At the time, Plextronics said it had raised a total of $37 million in equity capital over the past five years.

In 2007, Plextronics also received $750,000 in funding from the Sustainable Energy Fund of Central Eastern Pennsylvania to further its development (see $1.3 billion goes to waste).