Tandem PV, a California-based photovoltaic know-how firm specializing in ultra-high-efficiency tandem metal-halide perovskite photo voltaic panels, has closed the preliminary $6 million of its $12 million Collection A financing spherical.
The spherical was led by Bioeconomy Capital, an early-stage enterprise capital agency, via its new Planetary Applied sciences fund, with participation from a global photo voltaic producer and a U.S. utility firm.
Tandem PV will use the funds to construct a pilot manufacturing facility in San Jose, Calif.
“Our mission is to seek out scalable Planetary Applied sciences that may assist the world mature past fossil fuels on the tempo essential to keep away from unsustainable warming,” says Rik Wehbring, managing director of Bioeconomy Capital and a board member at Tandem PV. “Tandem PV is commercializing transformative know-how that achieves this purpose.”
“We’ve got super market pull from residential photo voltaic installers, finish customers, tools distributors and utilities – the trade is prepared for extra sustainable, environment friendly and cost-effective photo voltaic panels,” says Colin Bailie, co-founder and CEO of Tandem PV.
Tandem PV transforms silicon photo voltaic panels into high-efficiency tandems by leveraging perovskite-coated entrance glass through a drop-in manufacturing substitute. This photo voltaic panel know-how is poised to supply 50% greater effectivity than the typical photo voltaic panel and drive photo voltaic system prices down by 30% or extra.
“The associated fee and efficiency enhancements anticipated by Tandem PV’s know-how will allow considerably greater photovoltaic penetration worldwide, probably offsetting three gigatons of CO2 equal per yr,” provides Chris Eberspacher, co-founder and managing director of Tandem PV. “Tandem PV is on a quick monitor to develop, reveal and commercialize perovskite and silicon tandem photo voltaic panels for houses throughout the USA and worldwide.”