Swift Solar, a number one American photo voltaic know-how firm that develops superior perovskite photovoltaics was based in 2017 by a world group of main photo voltaic technologists, the corporate is a spinout of MIT, Stanford University , and the National Renewable Energy Laboratory (NREL), introduced the closing of a $27 million Series A financing spherical. This milestone is a significant step ahead for US manufacturing of superior perovskite photo voltaic know-how. The financing spherical was co-sponsored by Eni Next and Fontinalis Partners. Eni Next (the company enterprise capital arm of Eni). Also collaborating within the funding spherical are new and current buyers together with Stanford University, Good Growth Capital, BlueScopeX, HL Ventures, Toba Capital, Sid Sijbrandij, James Fickel, Adam Winkel, Fred Ehrsam, Jonathan Lin, and Climate Capital .
Swift Solar has raised $44 million in complete for its mission to rework the photo voltaic power panorama with perovskite tandem photo voltaic merchandise that supply superior efficiency. And the proceeds from this spherical will allow Swift Solar to scale its environment friendly and strong tandem know-how as the corporate prepares to interrupt floor on its first manufacturing unit.
The photo voltaic trade considers perovskites as a groundbreaking PV know-how. And Swift Solar’s perovskite tandem know-how guarantees to outperform immediately’s silicon and thin-film applied sciences at a decrease value. Perovskite photo voltaic cell manufacturing includes much less materials and fewer power, which lowers manufacturing prices and carbon air pollution.
The perovskite provide chain will be completely primarily based within the US and suitable nations, which creates an awesome alternative to broaden home manufacturing. And the efficiency good points and value reductions from perovskite know-how have the potential to scale back photo voltaic power prices by as much as 30%. And collectively, Swift Solar’s know-how will make photo voltaic power extra accessible for the common dwelling or enterprise and make the United States extra aggressive within the world clear power market.
Improvements in effectivity and stability enabled by Swift Solar’s perovskite know-how will rework conventional photo voltaic markets whereas creating new prospects for built-in photo voltaic. For instance, electrical automobiles can get 15 miles of vary or extra per day with perovskite photo voltaic roofs. And satellites can profit from a 10-fold discount in value and improved radiation tolerance for photo voltaic arrays. The firm is actively testing its perovskite know-how in area.
Swift Solar’s efforts to determine the US as a power in superior photo voltaic manufacturing have attracted greater than $16 million in federal and state grants from the US Department of Energy, the Department of Defense, the National Science Foundation, and the California Energy Commission. And the corporate’s rising record of buyers reveals growing confidence in perovskite photo voltaic. With this Series A funding spherical, Swift Solar is taking the lead in growing this next-generation know-how and constructing a extra sustainable future, powered by clear power.
GOOD QUOTES:
“Solar is the way forward for power—not simply clear power. Our superior perovskite photo voltaic cells can outperform something at present in the marketplace. People could not notice that photo voltaic manufacturing is now concentrated in China and Southeast Asia. Swift Solar will carry superior photo voltaic manufacturing again to the US and strengthen our home renewable power sector. This is an unprecedented alternative to rework the worldwide photo voltaic trade. With this spherical, we’re excited to companion with world-class deeptech and strategic buyers to take Swift to the following degree.
- Joel Jean, co-founder and CEO of Swift Solar