PXP raises close to USD$10 million in Series A funding with SoftBank as lead investor
Japan-based startup PXP Corporation, developer of lightweight and flexible solar cells, has raised a total of 1.5 billion yen (almost USD$10 million) in Series A funding, led by SoftBank Corp., with participation from SOLABLE Corporation, Kowa Optronics Co., Ltd., Toyota Tsusho Corporation, J&TC Frontier LLC (a joint investment vehicle between JFE Engineering Corporation and Tokyo Century Corporation), Automobile Fund Co., Ltd., Mitsubishi HC Capital Co., Ltd., Yokohama Capital Co., Ltd., and TARO Ventures. SoftBank has invested approximately 1 billion yen and acquired approximately 29.9% of PXP's shares.
The solar cell technology being developed by PXP has a tandem structure that combines perovskite solar cells and chalcopyrite solar cells, said to achieve more than 1.5 times the energy conversion efficiency (theoretical value: about 42%) of conventional solar cells. In addition, it is lightweight and flexible, weighing about one-tenth of conventional solar cells, and has high durability against shock and vibration. It can be installed in various locations depending on the application, and it is expected to reduce installation costs. PXP and SoftBank aim to use PXP's next-generation solar cells for various purposes, such as operating SoftBank's data center with green energy, in anticipation of future electricity demand.