US-based Tandem PV has raised $50 million in new Series A funds and loans
Led by Eclipse, this round had both existing and new investors including former SunPower CEO Tom Werner
This funding will enable the company to advance its efforts towards commercializing the technology
Tandem PV, Inc the US-based perovskite solar technology startup,has raised $50 million in Series A funding and debt. The company will use the proceeds for its upcoming commercial-scale manufacturing factory to produce tandem perovskite solar panels at an industrial scale.
It is working towards building a pilot manufacturing factory in San Jose, California to roll out tandem panels combining conventional silicon solar cells with thin-film perovskite materials.
Tandem PV says this funding will strengthen its efforts to re-establish US leadership in solar innovation, foster energy independence and reduce reliance on foreign supply chains. The startup is part of the Solar Energy Manufacturers for America (SEMA) Coalition.
The company claims its panels have achieved 28% efficiency and will surpass 30% by late-2025, far exceeding the efficiency levels of the average silicon modules. On top of it, tandem panels bring down the cost of labor and land, it adds.
Tandem PV says it uses perovskite layer 200 times thinner than silicon for its panels and requires just 10% of the energy needed to produce conventional panels, thus ensuring sustainable manufacturing.
Previously known as Iris Photovoltaics, Inc., Silicon Valley-based Tandem PV was founded by its current CTO Colin Bailie, who conducted research on perovskite-based tandem panels during his doctorate at Stanford University. It is now developing a ‘robust portfolio’ of patents in core perovskite-layer technology along with for key system and durability.
“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,” said Greg Reichow, a partner at US venture capital firm Eclipse that led this financing round for Tandem PV.
Constellation Energy, Planetary Technologies, Uncorrelated Ventures, Trellis Climate, Stifel Bank, CSC Leasing, and other existing and new investors are part of this funding round for Tandem PV. The former CEO of SunPower, Tom Werner, is also among the participants for this round. He also participated in the company’s January 2024 funding round (see US Perovskite Startup Lands Funds For Maiden Fab).