Airbus Ventures Leads Financing Round Of US PV Start-Up Solestial

US PV Start-Up Solestial Raises $10 Million Financing To Ramp Up Production Of Solar Panels For Space Applications With ‘Breakthrough’ Technology

Airbus Ventures Leads Financing Round Of US PV Start-Up Solestial

Having originated as Regher Solar in ASU, Solestial has now raised $10 million from a host of investors to accelerate its plans to ramp up production of ultra-thin silicon solar panels for space. (Photo Credit: Solestial)

  • Solestial has raised $10 million equity financing to ramp up production and customer engagement capabilities
  • It touts its solar panels using a ‘breakthrough’ self-curing ability from radiation damage at normal operating temperatures in space
  • The company claims its panels can be mass produced using automated machines thus bringing down costs 90% lower than incumbent technologies
  • Led by Airbus Ventures, the financing round was joined by AEI HorizonX, GPVC, Stellar Ventures, Industrious Ventures, and others

US based start-up of solar panels for use in space applications Solestial has closed its equity financing round with $10 million raised. The round was led by Airbus Ventures, along with AEI HorizonX, GPVC, Stellar Ventures, Industrious Ventures, and others.

Solestial creates ultra-thin silicon solar cells that it claims can self-cure radiation damage at normal operating temperatures in space. This ‘breakthrough’ self-curing ability allows lightweight panels to achieve minimum degradation ‘over decades of life’ in space.

“The new approach to radiation hardening also enables innovative proprietary packaging technology, resulting in a thin, lightweight panel that’s optimized for long missions in low earth orbit (LEO),” explained Solestial.

It claims the panels can be mass produced using automated machines thus bringing down costs 90% lower than incumbent technologies with ‘virtually unlimited manufacturing capacity’.

Proceeds will be used by the company to ramp up production and customer engagement capabilities. It is expanding its ground and flight testing in parallel and plans additional investments in R&D and go-to-market functions in the near future.

“We’re on a mission to become the solar energy company for space, and this capital will help us dramatically accelerate delivery of our breakthrough technology at scale,” said Stanislau Herasimenka, co-founder and CEO of Solestial.

Solestial was initial founded as Regher Solar in Arizona State University (ASU). The company claims to have signed letters of intent (LOI) for ‘hundreds of millions of dollars’ with commercial customers ranging from startups to major defense firms. Demand is set to grow further as Solestial counts projections that anticipate the satellite industry to grow from 5,000 operational now to 100,000 or more by 2030.

About The Author

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews. Anu is our solar news whirlwind. At TaiyangNews she covers everything that is of importance in the world of solar power.

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