TandemPV has raised $6 million, bringing its total to $27 million in venture capital and government support. The Company will use the funds to advance research and development and plans to build its first manufacturing facility.
The funding round was led by existing investor Planetary Technologies, an early-stage venture capital firm with deep expertise in climate tech. Other institutional investors participated, including new investor Uncorrelated Ventures, as well as executives from a variety of corporate sectors and such solar industry leaders as Tom Werner, former chairman, president and CEO of SunPower Corp.
Tandem PV is reportedly producing tandem perovskite panels with 26% efficiency. 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. Tandem PV has demonstrated the equivalent of decades of projected durability in the lab. The company plans to obtain independent industry-standard validation of efficiency and durability, expected to rise further, during 2024.
