PVTIME – Tandem PV, a California-based photovoltaic technology company, has secured $50 million in Series A funding and debt. The company says the funding will enable it to build a commercial-scale manufacturing facility in the United States.
Scott Wharton, CEO of Tandem PV, said that with Eclipse’s support, Tandem PV is moving from developing breakthrough technologies to bringing them to market at scale. As the global demand for clean energy soars, Tandem PV is stepping up to meet that demand by delivering more powerful, more sustainable, next-generation solar power made in the USA.
Founded in 2016, Tandem PV aims to develop perovskite-silicon thin-film solar modules that are expected to deliver an industry-leading combination of durability and efficiency. The company reports that its PV modules currently achieve 28% efficiency and are expected to exceed 30% by the end of 2025. Tandem PV claims this is 30% more efficient than conventional silicon solar panels.
Colin Bailie, co-founder and chief technology officer of Tandem PV, developed the world’s first perovskite-silicon tandem solar cell at Stanford University and founded the company through Activate, a US Department of Energy startup accelerator. Last year, Tandem PV announced a $6 million venture capital round led by existing investor Planetary Technologies, an early-stage venture capital firm, with new co-investor Uncorrelated Ventures also joining the round. At the time, the company was in the process of obtaining third-party verification of performance metrics, particularly efficiency and durability, and was participating in outdoor testing programmes.
To date, Tandem PV has raised a total of $83 million in venture capital, debt and government funding.
