Tandem PV, a San Jose, California based startup company developing mechanically stacked, four terminal, perovskite-silicon modules, announced a $ 6 million venture funding round. Tandem PV which was founded in 2016, echoed that it will use the funds to speed up the commercialization, investing I research and development and plans for its first manufacturing facility.
This funding round was spear headed by and existing investor Planetary Technologies, an early stage venture capital firm with deep expertise in climate tech, joined by new compatriot 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.
Future prospects
Scott Wharton the Tandem PV CEO highlighted that the new capital is validation of the venture’s progress in terms of stability, power conversion efficiency and module size. He added that as everybody is talking of durability, them as Tandem are able to demonstrate it and the new investments validate that leadership position in the global perovskite market and will help them bring in customer agreements to begin building their first plant.
The door test have indicated 80% performance after 25 years equivalent with the summarized tandem modules’ power conversion efficiency is 26% with conventional PERC cells and the modules measure 100 cm2 . with newer ones at 300 cm2 .
Details of the cell technology and the module has not been fully provided by the company.
Tandem PV is one of multiple teams using the US Department of Energy’s PV Accelerator for Commercializing Technologies (PACT) for independent performance and reliability testing for all varieties of perovskite PV modules and mini modules, including field testing.
Cost breakdown
Over $27 million in venture capital and government support has been raised by the company. The latest financing round is expected to help bring in customer agreements and begin building the first proposed plant.
The proceeding steps for this year are to take part in indoor testing programs, third party validation of the performance metrics, specifically efficiency and durability and.
As a final step in a seven year old Tandem PV is taking toward commercialising its mechanically stacked panels, the company has carried out performance test. It has fabricated 100 cm2 panels which have passed IEC 61215 accelerated tests with academic partners, and has received initial data on passing triple-length duration IEC 61215 tests, as Colin Bailie, CTO
The initial application Tandem PV will target is mainly utility
Tom Werner, an Investor expressed his satisfaction with the Tandem PV’s team and the progress they have made to take their innovation out of the lab, and into the market. He also highlighted the powerful and cost effectiveness of the Perovskite solar panels as a solution needed to fight climate change.
About Tandem PV
Tandem PV, based in Silicon Valley, was founded in 2016 in response to the urgent imperative for a swift global transition to net carbon zero. Solar power is now the world’s cheapest energy source, but we must accelerate its exceptional growth to address our current critical environmental challenges.
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