US perovskite company Tandem PV has raised US$50 million in Series A funding and debt.
Tandem PV claimed the investment will allow the company to build a commercial-scale perovskite manufacturing plant in the US.
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This latest funding brings the total raised by the perovskite company to US$83 million in venture capital, debt and government funds, including US$6 million to advance research and development (R&D) secured in January 2024.
Currently, the company’s perovskite panels claim a 28% efficiency, while it aims to surpass 30% by late 2025.
The funding round was led by venture capital firm Eclipse, with participation from energy company Constellation Energy, venture capital firms Planetary Technologies, Uncorrelated Ventures, Trellis Climate, Tom Werner (former CEO of SunPower), Stifel Bank, CSC Leasing, and other existing and new investors.
Scott Wharton, CEO of Tandem PV, said: “With Eclipse’s backing, we are no longer just developing breakthrough technology—we are bringing it to market at scale. As global demand for clean energy surges, Tandem PV is stepping up to meet it—delivering next-generation solar power that is more powerful, more sustainable, and made in America.”
Although the industry is still years away from seeing a gigawatt-scale production of perovskite modules, British perovskite solar company Oxford PV shipped what it called the first commercial perovskite-silicon tandem modules last year. The modules were sold to an undisclosed US company for a utility-scale PV project.
Moreover, a recent study from the US National Renewable Energy Laboratory (NREL) said that solar module efficiency and nameplate production capacity are the “most significant” factors in reducing manufacturing costs of perovskite-silicon tandem technology.
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