JPY 5.5 Billion For Perovskite Solar Cell Technology

A spin-out from the Atsushi Wakamiya Laboratory at the Institute of Chemical Research of Kyoto University, perovskite solar cell company EneCoat Technologies has completed its Series C funding round with JPY 5.5 billion ($35 million). It will enable the company to accelerate the commercialization of this technology.  

Launched in 2018, the company specializes in lightweight thin-film solar cell technology for Internet of Things (IoT) and mobility applications. It uses a wet process-based organic chemistry to create organic-inorganic materials to develop and manufacture ultrathin perovskite solar cell films.  

EneCoat plans to use this new funding to expand its operations with a production facility. It will continue to progress the technology with an eye on diversifying solar supply chains and support a broad range of IoT devices. It will also advance new mobility applications.  

Funding has been raised from Toyota’s growth fund, Woven Capital, INPEX, and Mitsubishi HC Capital. Other investors in this round include Mirai Creation Fund III and Kyoto University Innovation Capital. Woven Capital Partner Michiko Kato is now on EneCoat’s Board of Directors. With this round, EneCoat said its total funding has increased to over JPY 8 billion.  

EneCoat CEO Naoya Kato said, “The funding will help us accelerate partnerships with leading Japanese corporations in order to meet the growing demand for next-gen solar technology that’s so critical to meet global decarbonization goals.”   

In June 2024, EneCoat joined hands with Toyota Motor Corporation to develop and commercialize automotive perovskite solar cells. These are planned to be integrated in Toyota’s in-vehicle technologies for solar panels.