Tandem PV, a California-based photovoltaic expertise firm specializing in ultra-high-efficiency tandem metal-halide perovskite solar panels, has closed the preliminary $6 million of its $12 million Series A financing spherical.
The spherical was led by Bioeconomy Capital, an early-stage enterprise capital agency, by its new Planetary Technologies fund, with participation from a global solar producer and a U.S. utility firm.
Tandem PV will use the funds to construct a pilot manufacturing facility in San Jose, Calif.
“Our mission is to find scalable Planetary Technologies that can help the world mature beyond fossil fuels at the pace necessary to avoid unsustainable warming,” says Rik Wehbring, managing director of Bioeconomy Capital and a board member at Tandem PV. “Tandem PV is commercializing transformative technology that achieves this goal.”
“We have tremendous market pull from residential solar installers, end users, equipment distributors and utilities – the industry is ready for more sustainable, efficient and cost-effective solar panels,” says Colin Bailie, co-founder and CEO of Tandem PV.
Tandem PV transforms silicon solar panels into high-efficiency tandems by leveraging perovskite-coated entrance glass through a drop-in manufacturing substitute. This solar panel expertise is poised to supply 50% larger effectivity than the typical solar panel and drive solar system prices down by 30% or extra.
“The cost and performance improvements expected by Tandem PV’s technology will enable substantially higher photovoltaic penetration worldwide, potentially offsetting three gigatons of CO2 equivalent per year,” provides Chris Eberspacher, co-founder and managing director of Tandem PV. “Tandem PV is on a fast track to develop, demonstrate and commercialize perovskite and silicon tandem solar panels for homes across the United States and worldwide.”
