Tandem PV secures $50M to pursue U.S. manufacturing of next-gen PV modules with perovskite
Perovskite solar technology holds the promise of higher efficiency solar panels. Perovskite has also been difficult to move from lab results to the real world. However, the perovskite / tandem PV era seems close to dawning. I’ve probably written that 50 times the last 10 years, but Rethink Energy projects perovskite solar modules will achieve gigawatt-scale production by 2028.
Tandem PV is an American company that believes it has cracked the code for a commercialization, and a $50 million Series A funding and debt round, has bolstered that belief.
The Tandem PV team says the investment will enable them to construct a breakthrough commercial-scale manufacturing facility in the U.S. The funding round was led by Eclipse with participation from Constellation Energy, Planetary Technologies, Uncorrelated Ventures, Trellis Climate, Tom Werner (former CEO of SunPower), Stifel Bank, CSC Leasing, and other existing and new investors.
“Tandem PV’s performance and progress are incredibly exciting, particularly given there have been minimal breakthroughs in solar technology for the past decade,” said Eclipse Partner Greg Reichow. “Tandem PV’s impressive durability and efficiency is unmatched in the market, and it couldn’t come at a more critical time. By building a manufacturing facility in the U.S., Tandem PV will help the U.S. meet its growing energy needs while weaning off its dependence from China and other foreign manufacturers.”
Tandem PV panels
Tandem PV says the key to their tandem perovskite panels is their combination of durability and efficiency Tandem PV panels currently achieve 28% efficiency and are projected to surpass 30% by late 2025 — a number that would be be 30% more powerful than the average silicon solar panel. Tandem PV’s panels can also offer lower labor and land costs with a lower total cost of ownership.
With a perovskite layer 200 times thinner than silicon and requiring just 10% of the energy needed to produce conventional panels, Tandem PV’s technology sets a new benchmark in sustainable solar manufacturing by significantly reducing energy usage during production and seamlessly integrating into existing silicon infrastructure.
This Series A funding milestone underscores growing confidence in Tandem PV’s technology and its potential to strengthen domestic clean energy production at a time when the majority of solar technology is imported from China.
“This investment is a resounding endorsement of our mission to revolutionize solar energy and re-establish the U.S. as a leader in renewable technology,” said Scott Wharton, CEO of Tandem PV. “With Eclipse’s backing, we are no longer just developing breakthrough technology—we are bringing it to market at scale. As global demand for clean energy surges, Tandem PV is stepping up to meet it—delivering next-generation solar power that is more powerful, more sustainable, and made in America.”
