Tandem PV, a solar PV technology company, specializing in tandem metal-halide perovskite solar panels, announced the initial $6 million close of its $12 million Series A financing round.
The round was led by Bioeconomy Capital, an early-stage venture capital firm, through its new Planetary Technologies fund, with participation from an international solar manufacturer and a U.S. utility company. The company will use the funds to build a pilot manufacturing facility in San Jose, California, enabling it to enter its next growth phase in producing commercial-grade solar panels.
“Our mission is to find scalable Planetary Technologies that can help the world mature beyond fossil fuels at the pace necessary to avoid unsustainable warming,” said Rik Wehbring, Managing Director of Bioeconomy Capital and a Board Member at Tandem PV. “Tandem PV is commercializing transformative technology that achieves this goal.”
According to Mercom’s Q1 2022 solar funding and M&A report, global VC funding for the solar sector in Q1 2022 came to $1.2 billion in 26 deals, a 45% decrease compared to $2.2 billion raised in 19 deals in Q4 2021. Year-over-year funding was 19% higher compared to Q1 2021.
A total of 58 VC investors participated in Q1 2022 compared to 33 in Q4 2021.
In April 2021, Perch Energy, a Boston-based clean energy tech and services company that offers a diverse set of products and services for homeowners, renters, businesses, and solar project owners, raised $6.2 million in a Series A funding round. The funding round was led by Arborview Capital. An additional $1 million was committed and expected to close on or prior to May 1, 2022, bringing the Series A total to $7.2 million.
According to Mercom Research, Tandem PV secured $2.4 million in Seed funding to commercialize an exotic new solar technology.