Tandem PV raises funds for U.S. perovskite manufacturing facility

Dated | January 17, 2024. Tandem PV, a company specializing in perovskite solar technology, declared that it has secured a total of $27 million from venture capital investments and government grants. The company intends to allocate this capital toward further research and development as well as the construction of its inaugural production plant. The most recent contribution of $6 million to this sum was spearheaded by Planetary Technologies, a venture capital firm focused on early-stage investments in climate technology, which is also a repeat investor in Tandem PV. Additional institutional backers were involved, among them being the fresh participant Uncorrelated Ventures, besides notable figures from multiple business realms, including prominent solar sector authorities like Tom Werner, the past chairman, president, and CEO of SunPower. “Leading global experts in the solar industry have repeatedly informed us that Tandem PV’s perovskite panels, which are in the process of being commercialized, possess the optimal mix of superior efficiency and robustness,” claimed CEO Scott Wharton. The recent financial input reaffirms our top rank within the worldwide perovskite industry and will aid in securing client contracts, paving the way for the construction of our inaugural facility. Tom Werner, an investor, expressed his views by stating, “Solar panels made from perovskite material hold the potential for potent and economical solutions that are necessary in our fight against climate change.” The team at Tandem PV has made a positive impression on me with the strides they’ve accomplished in transitioning their breakthroughs from the research phase to commercial availability. The design developed by Tandem PV enhances the efficiency of standard silicon solar cells by layering them with slim perovskite sheets that capture various sunlight wavelengths. The firm states that it manufactures dual-layer perovskite solar panels with an efficiency of 26%. In laboratory tests, these Tandem photovoltaic cells have exhibited a level of longevity that is expected to span multiple decades.