Perovskite Solar Heats Up

Tandem PV, a developer of perovskite-based solar technology, has raised $50 million in Series A funding and debt to construct a commercial-scale manufacturing facility in the United States.

The new round was led by Eclipse Ventures, with participation from Constellation Energy, Planetary Technologies, Uncorrelated Ventures, Trellis Climate, Tom Werner (former CEO of SunPower), Stifel Bank, CSC Leasing, and other new and existing investors.

Tandem PV’s tandem perovskite solar panels are a next-generation technology in which a perovskite solar cell is layered on top of a silicon cell. This structure captures a broader spectrum of sunlight, increasing power conversion efficiency compared to traditional silicon-based panels. Tandem PV’s panels currently achieve 28% efficiency, with expectations to surpass 30% by late 2025—approximately 30% more powerful than the average silicon solar panel.

The company was co-founded in 2016 by Colin Bailie, who developed the world’s first perovskite-silicon tandem solar cell at Stanford University and launched Tandem PV through Activate, a U.S. Department of Energy startup accelerator.

Perovskite materials are popular in solar energy research because they can be manufactured using simple, low-cost processes such as inkjet printing or roll-to-roll coating. The company’s nanometer-sized perovskite layer is 100 times thinner than a strand of hair and 200 times thinner than silicon, requiring only 10% of the energy needed for conventional solar panel production. As a result, Tandem PV’s panels provide more power at the same price per watt, leading to lower labor, installation, and land costs, as well as a lower total cost of ownership for customers. Industry forecasts suggest that perovskite solar modules will reach gigawatt-scale production by 2028, positioning Tandem PV to play a key role in this transition.

“Tandem PV’s performance and progress are incredibly exciting, particularly given there have been minimal breakthroughs in solar technology for the past decade,” said Greg Reichow, partner at Eclipse. “Tandem PV’s impressive durability and efficiency is unmatched in the market, and it couldn’t come at a more important time. By building a manufacturing facility in the U.S., Tandem PV will help the U.S. meet its growing energy needs while weaning off its dependence on China and other foreign manufacturers.”

“This investment is a resounding endorsement of our mission to revolutionize solar energy and re-establish the U.S. as a leader in renewable technology,” said Scott Wharton, the CEO of Tandem PV. “With Eclipse’s backing, we are no longer just developing breakthrough technology—we are bringing it to market at scale. As global demand for clean energy surges, Tandem PV is stepping up to meet it—delivering next-generation solar power that is more powerful, more sustainable, and made in America.”

With the closing of this round, Tandem PV has raised a total of $83 million in venture capital, debt, and government funds.

Eclipse Ventures invests in technologies that are innovating essential industries including manufacturing, supply chain and logistics, energy, healthcare, defense and transportation. The firm was founded in 2015 and is headquartered in Palo Alto with an additional office in New York City.