Washington State, US headquartered perovskite solar PV technology start-up BlueDot Photonics, Inc. has raised $1 million as series seed financing. The round was led by VoLo Earth Ventures. Company's CEO Jared Silvia said, "Our collaboration with VoLo Earth and other investors will accelerate our prototyping cycles and shorten our time to market."
A spin-out of the University of Washington, BlueDot Photonics calls itself a disruptive perovskite company developing perovskite materials for solar cells using quantum-cutting technology. It aims to bring this technology to the market.
The company claims its proprietary technology can lower the cost of solar power by up to 10% by improving energy yield in solar panels by up to 16%.
"Our investment in BlueDot and their quantum-cutting technology is really exciting as it will accelerate this downward solar cost trend by making solar even more efficient with minimal changes to the existing supply chain and manufacturing process," said Managing Partner of VoLo Earth Ventures Kareem Dabbagh.
VoLo Earth Ventures was joined by Clean Energy Venture Group (CEVG) from Boston, and E8 of Seattle for this financing round for BlueDot Photonics.
Perovskite is also the technology of choice for another university spin-off, Oxford PV from the University of Oxford that's somewhat more advanced as it is now getting ready to commercialize its perovskite-silicon tandem solar cell technology with the help of Meyer Burger's production equipment. In 2022, it plans to launch the cells commercially (see Oxford PV 29.52% Perovskite Solar Cell Efficiency).