Perovskite solar technology trailblazer, Tandem PV, has secured an additional $6 million in funding, bringing its total to $27 million in venture capital and government support. The company plans to allocate the funds to advance research and development and initiate the construction of its inaugural manufacturing facility.
The funding round was spearheaded by current investor Planetary Technologies, an early-stage venture capital firm specializing in climate tech. Other institutional investors, including newcomer Uncorrelated Ventures, as well as executives from various corporate sectors and solar industry leaders like Tom Werner, former chairman, president, and CEO of SunPower Corp, also participated.
Tandem PV appointed entrepreneur Scott Wharton as CEO last summer, signaling a move closer to commercialization, emphasizing panels that combine high efficiency and durability. Wharton, who is addressing renewable energy at a conference alongside the World Economic Forum in Davos, stated, “The new investments validate that leadership position in the global perovskite market and will help us bring in customer agreements to begin building our first plant.”
Tom Werner expressed optimism about perovskite solar panels, recognizing their potential as powerful and cost-effective solutions to combat climate change. Tandem PV’s design enhances the output of traditional silicon solar cells by stacking them with thin-film perovskite materials that absorb different wavelengths of sunlight. The company has achieved tandem perovskite panels with 26% efficiency, approximately 25% more powerful than the average silicon solar panel.
Tandem PV, founded by CTO Colin Bailie, who published the first peer-reviewed studies on perovskite-silicon tandem solar panels as a Stanford University doctoral candidate, plans to obtain independent industry-standard validation of efficiency and durability in 2024. Wharton, with a successful track record at Logitech and leading startups, joined Tandem PV from Logitech, while the company’s co-founder Chris Eberspacher is an industry pioneer who has led technology at some of the world’s largest solar companies. The company originated at Activate (formerly Cyclotron Road), the U.S. Dept. of Energy startup accelerator at Lawrence Berkeley National Laboratory.
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