Flexell Space, a South Korean startup developing ultra-lightweight, flexible solar cells for space applications, recently closed a Series A funding round to accelerate the commercialization of its perovskite- and CIGS-based technology. The company, spun off from Hanwha Systems' in-house venture program, has now secured approximately $25 million in cumulative funding across its rounds (it previously raised approximately $4 million in a Pre-Series A round).
The round drew a broad syndicate of investors. New backers included Mirae Asset Venture Investment, Mirae Asset Capital, Industrial Bank of Korea, NH Venture Investment, IBK Securities, Korea Investment & Securities, and the Korea Credit Guarantee Fund, while existing investors InterVest, L&S Venture Capital, and QUAD Ventures made significant follow-on investments.
The company plans to validate its cells in a space environment through the fourth launch of South Korea's Nuri rocket in November, with additional testing aboard the International Space Station planned for next year. Proceeds will be directed toward acquiring core equipment, upgrading its pilot production line, and internalizing key manufacturing processes, with a target of establishing full-scale mass production after 2028.
Flexell Space was also recently selected as the lead organization for a five-year, roughly $7.1 million national R&D project supported by the Korean government and the Korea Institute of Energy Technology Evaluation and Planning (KETEP), focused on developing and validating low-cost, high-efficiency tandem solar modules for space applications.
"This Series A funding demonstrates that the market recognizes FLEXELL SPACE's transition into the commercialization and production-readiness stage," said Keosan Lee, Chief Financial Officer of Flexell Space. "Together with the newly secured national R&D project, we can advance technology development, space-environment validation, and manufacturing infrastructure in parallel."
Lee added that demand for lightweight, cost-competitive, and scalable power systems is rising as LEO communications networks expand and orbital infrastructure requires greater power, adding that the company aims to establish itself as a globally competitive space energy company representing South Korea.
