Tandem PV, a California-based photovoltaic technology company specializing in ultra-high-efficiency tandem metal-halide perovskite solar panels, has announced closing the initial $6 million of its $12 million Series A financing round. Tandem PV will use the funds to build a pilot manufacturing facility in San Jose, California.
The round was led by Bioeconomy Capital, an early-stage venture capital firm, through its new Planetary Technologies fund, with participation from an international solar manufacturer and a U.S. utility company.
'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 front glass via a drop-in manufacturing replacement. This solar panel technology is poised to offer 50% higher efficiency than the average solar panel and drive solar system costs down by 30% or more.
'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,' adds 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.'