Home Manufacturer fund Tandem PV Secures Initial $6 Million to Accelerate Production of Commercial-Grade Tandem...

Tandem PV Secures Initial $6 Million to Accelerate Production of Commercial-Grade Tandem Panels

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Tandem PV, a California-based technology startup specializing in ultra-high efficiency tandem perovskite and silicon solar panels, announced the initial $6 million closing of its $12 million Series A funding round. The round was led by early-stage venture capital firm Bioeconomy Capital through its new Planetary Technologies fund, with participation from an international solar manufacturer and a US utility company.

Photo: TandemPV

Tandem PV will use this investment to build a pilot manufacturing plant in San Jose, California that will allow the company to enter its next phase of growth in the production of commercial-grade silicon and perovskite tandem solar panels.

“Our mission is to find scalable planetary technologies that can help the world evolve beyond fossil fuels at the pace needed to avoid unsustainable warming,” said Rik Wehbring, Bioeconomy Capital Managing Director and Board Member. of Tandem PV. “Tandem PV is commercializing a transformative technology that achieves this goal.”

Tandem PV was co-founded by a Ph.D. in materials science. Colin Bailie and solar industry pioneer Chris Eberspacher in 2016 as part of the U.S. Department of Energy’s exclusive Cyclotron Road accelerator, with a mission to reach 50% of solar power generation by 2050. The company believes this ambitious goal can be partially met by enabling net-zero energy buildings and the electrification of everything at the residential scale and micro-grids to meet a critical need of 50 million residential homes. in the United States only.

We are enjoying huge market demand from residential solar installers, end users, equipment distributors and utilities – the industry is ready for more durable, efficient and cost effective solar panels.

— said Colin Bailie, co-founder and CEO of Tandem PV.

Tandem PV transforms traditional silicon solar panels into high-efficiency tandems by leveraging perovskite-coated front glass via instant manufacturing replacement, dramatically reducing installed system costs and dramatically increasing module manufacturing profit margins.

Bailie developed this unique technology during her PhD at Stanford University. It is poised to deliver 50% higher efficiency than the average solar panel and reduce solar system costs by 30% or more. , contributing to significantly higher photovoltaic penetration worldwide. When replacing traditional panels, this tandem solar panel technology can potentially offset “three gigatonnes of CO2 equivalent per year,” noted Chris Eberspacher, co-founder and CEO of Tandem PV.

“Tandem PV is on track to develop, demonstrate and commercialize tandem perovskite and silicon solar panels for homes in the United States and around the world,” Eberspacher added.