Summary: Low‐bandgap π‐conjugated polymers that consist of alkyl thiophene/alkoxy phenylene and 2,3‐diphenylthieno[3,4‐b]pyrazine units have been prepared in high yields by a Sonogashira polycondensation. The copolymers are characterized by NMR, IR, UV, GPC, and elemental analysis. Thin films of the polymers P1, P2, and P3 exhibit an optical bandgap of ≈1.57–1.60 eV. Under simulated AM 1.5 conditions P2/PCBM devices on polyester foil provide a short circuit current of ISC = 10.72 mA · cm−2, an open circuit voltage of Voc = 0.67 V, and a power conversion efficiency of 2.37%.