Tandem PV, a perovskite-based solar panel developer, has secured $50 million in Series A and debt funding, which it plans to use to construct a commercial-scale manufacturing facility in the U.S. and speed up the adoption of its solar panels.
The funding was led by Eclipse, with participation from Constellation Energy, Planetary Technologies, Uncorrelated Ventures, Trellis Climate, Tom Werner, former CEO of SunPower, Stifel Bank, CSC Leasing, and other existing and new investors.
“Tandem PV’s performance and progress are incredibly exciting, particularly given there have been minimal breakthroughs in solar technology for the past decade. Tandem PV’s impressive durability and efficiency is unmatched in the market, and it couldn’t come at a more critical 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 from China and other foreign manufacturers,” said Eclipse Partner Greg Reichow.
The company manufactures perovskite panels, which it claims can achieve 28% efficiency and could surpass 30% by late 2025, proving to be 30% more powerful than the average silicon solar panel. According to the company, these panels lower labor and land costs, offering customers a lower total cost of ownership and a sustainable path toward decarbonization.
In 2022, the company announced an initial led by Bioeconomy Capital through its new Planetary Technologies fund, with participation from an international solar manufacturer and a U.S. utility company.
According to Mercom’s Annual and Q4 2024 Solar Funding and M&A Report, global VC and private equity funding in the solar sector in 2024 came to $4.5 billion in 60 deals, 36% lower than the $7 billion raised in 70 deals in 2023. There were 14 VC funding deals of $100 million or more in 2024.
