Swift Solar, a leading American solar technology company developing advanced perovskite photovoltaics that was founded in 2017 by a global team of leading solar technologists, the company is a spinout of MIT, Stanford University, and the National Renewable Energy Laboratory (NREL), announced the closing its $27 million Series A financing round. This milestone is a major step forward for U.S. manufacturing of advanced perovskite solar technology. The funding round was co-led by Eni Next and Fontinalis Partners. Eni Next (the corporate venture capital arm of Eni). Also joining the funding round are new and existing investors including 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 total for its mission to transform the solar energy landscape with perovskite tandem solar products that offer superior performance. And the proceeds from this round will accelerate Swift Solar’s scaling of efficient and stable tandem technology as the company prepares to break ground on its first factory.
The solar industry is considering perovskites as a groundbreaking PV technology. And Swift Solar’s perovskite tandem technology promises to drastically outperform today’s silicon and thin-film technologies at lower cost. Perovskite solar cell production involves less material and less energy, which drive downs manufacturing costs and carbon pollution.
The perovskite supply chain could be based entirely in the US and aligned countries, creating a major opportunity to expand domestic manufacturing. And the performance gains and cost reductions from perovskite technology have the potential to decrease the cost of solar energy by up to 30%. And together, Swift Solar’s technology would make solar energy far more accessible for the average household or business and make the United States more competitive in the global clean energy market.
Improvements in efficiency and durability enabled by Swift Solar’s perovskite technology would transform traditional solar markets while creating new possibilities for solar integration. For example, electric vehicles could gain 15 miles of range or more per day with perovskite solar roofs. And satellites could benefit from a 10 times cost reduction and improved radiation tolerance for solar arrays. The company is actively testing its perovskite technology in space.
Swift Solar’s efforts to establish the US as a force in advanced solar manufacturing have attracted over $16 million in federal and state grants from the U.S. Department of Energy, the Department of Defense, the National Science Foundation, and the California Energy Commission. And the company’s growing list of investors reflects rising confidence in perovskite solar. With this Series A funding round, Swift Solar is primed to lead in developing this next-generation technology and building a more sustainable future, powered by clean energy.
KEY QUOTES:
“Solar is the future of energy—not just clean energy. Our advanced perovskite solar cells can outperform anything currently available on the market. People may not realize that solar manufacturing today is concentrated in China and Southeast Asia. Swift Solar will bring advanced solar manufacturing back to the U.S. and strengthen our domestic renewable energy sector. This is an unprecedented opportunity to reshape the global solar industry. With this round, we’re excited to partner with world-class deeptech and strategic investors to take Swift to the next level.”
- Joel Jean, co-founder and CEO of Swift Solar
