With a perovskite layer 200 times thinner than silicon and requiring just 10% of the energy needed to produce conventional panels, Tandem PV reports it will be able to reduce energy use during manufacturing.
Tandem PV, a specialist in perovskite solar technology, secured $50 million in Series-A funding and debt, which the company said will enable it to construct a commercial-scale manufacturing facility in the U.S.
The funding was led by Eclipse, a U.S. venture capital firm, with participation from Constellation Energy, Planetary Technologies, Uncorrelated Ventures, Trellis Climate, Tom Werner (former CEO of SunPower), Stifel Bank, CSC Leasing, and other existing and new investors.
“With Eclipse’s backing, we are no longer just developing breakthrough technology—we are bringing it to market at scale,” said Scott Wharton, CEO of Tandem PV. “As global demand for clean energy surges, Tandem PV is stepping up to meet it—delivering next-generation solar power that is more powerful, more sustainable, and made in America.”
Tandem PV was founded in 2016 to develop perovskite silicon thin-film solar modules that are expected to deliver an industry-leading combination of durability and efficiency. The company reports that its panels currently achieve 28% efficiency and are projected to surpass 30% by late 2025, or what Tandem PV said is 30% more powerful than the average silicon solar panel.
With a perovskite layer 200 times thinner than silicon and requiring just 10% of the energy needed to produce conventional panels, the company reports it will be able to reduce energy use during manufacturing.
“Tandem PV’s performance and progress are incredibly exciting, particularly given there have been minimal breakthroughs in solar technology for the past decade,” said Eclipse Partner Greg Reichow. “Tandem PV’s impressive durability and efficiency is unmatched in the market, and it couldn’t come at a more critical time. By building a manufacturing facility in the U.S., Tandem PV will help the U.S. meet its growing energy needs while weaning off its dependence from China and other foreign manufacturers.”
Upon joining the Solar Energy Manufacturers for America (SEMA) Coalition, Michael Carr, SEMA Coalition executive director said that perovskite technology will be key to U.S. manufacturing success as it is “poised to dominate the solar industry in the coming years.” He added that, “Pioneers like Tandem PV are leading this revolution and will be a critical addition to our ranks as our Coalition works to reshore the U.S. solar supply chain.”
Tandem PV’s co-founder and CTO, Colin Bailie, developed the world’s first perovskite-silicon tandem solar cell at Stanford University and launched the company through Activate, the U.S. Department of Energy startup accelerator. Last year, Tandem PV announced a $6 million venture funding round led by existing investor Planetary Technologies, an early-stage venture capital firm, joined by new compatriot investor Uncorrelated Ventures. At that time it was embarking on third-party validation of the performance metrics, specifically efficiency and durability, and to take part in outdoor testing programs.
To date Tandem PV has raised a total of $83 million in venture capital, debt and government funds.
