Perovskite Panel Startup Tandem PV Rolls Ahead With $6 m Funding

US based perovskite company Tandem PV has secured US$6 million in funding to advance research and development (R&D) and plans to build its first manufacturing plant.

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The funding round was led by venture capital firm Planetary Technologies, an existing investor in the company, with new backers including Uncorrelated Ventures, another venture capital firm, and solar industry veterans such as Tom Werner, former CEO and chairman of US solar company Sunpower. Tandem PV had inducted Scott Wharton CEO last year as it moved closer to commercial launch.

After the addition of the new fund, PV Tandem will have a total of US$27 million in venture capital and government support.

Tandem PV’s design boosts the output of conventional silicon solar cells by stacking them with thin-film perovskite materials that absorb different wavelengths of sunlight. The company is producing tandem perovskite panels with 26% efficiency, which is roughly 25% more powerful than the average silicon solar panel. More power at the same price per watt leads to lower labor costs for installation, lower land-acquisition costs and a lower total cost of ownership for customers.

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Tandem PV hopes to obtain independent industry-standard validations of efficiency and durability of its panels this year.

In April 2022, Tandem PV closed the first half of US$12 million in Series A funding. At that time, Tandem PV said the funding would be used to build a pilot manufacturing facility in its headquarters in San Jose, California.

Said Werner: "Perovskite solar panels promise the kind of powerful and cost-effective solutions we need to combat climate change. I have been impressed with Tandem PV’s team and the progress they’ve made to take their innovations out of the lab and into the market."