Swift Solar, an innovative American solar technology company, has announced the successful closing of its $27 million Series A financing round. This milestone marks a crucial step forward for U.S. manufacturing of advanced perovskite solar technology.
Highlights of the Funding Round
- Total Raised: $27 million in Series A, bringing the total to $44 million.
- Co-Leads: Eni Next and Fontinalis Partners.
- Eni Next: Corporate venture capital arm of Eni, investing in disruptive and scalable technologies to drive the energy transition towards zero-carbon.
- Fontinalis Partners: A VC firm specializing in mobility and deeptech, investing in early-stage companies.
- Additional Investors: Stanford University, Good Growth Capital, BlueScopeX, HL Ventures, Toba Capital, Sid Sijbrandij, James Fickel, Adam Winkel, Fred Ehrsam, Jonathan Lin, and Climate Capital.
About Swift Solar
Founded in 2017 by a global team of leading solar technologists, Swift Solar is a spinout of MIT, Stanford University, and the National Renewable Energy Laboratory (NREL).
The company is dedicated to stopping climate change and revitalizing domestic manufacturing through advanced perovskite photovoltaics.
Swift Solar's Mission and Vision
Swift Solar is on a mission to revolutionize the solar energy landscape with its advanced perovskite tandem solar products, which promise superior performance compared to current technologies.
The new funding will accelerate the scaling of this efficient and stable tandem technology as the company prepares to establish its first factory.
CEO's Statement
“Solar is the future of energy—not just clean energy,” stated Joel Jean, co-founder and CEO of Swift Solar. “Our advanced perovskite solar cells can outperform anything currently available on the market.
Swift Solar aims to bring advanced solar manufacturing back to the U.S., strengthening our domestic renewable energy sector. This funding round is an unprecedented opportunity to reshape the global solar industry.”
Advantages of Perovskite Technology
Perovskite solar technology is seen as a groundbreaking advancement in the PV industry, offering several benefits:
- Performance: Outperforms silicon and thin-film technologies at a lower cost.
- Manufacturing Efficiency: Requires less material and energy, reducing costs and carbon pollution.
- Domestic Supply Chain: Potential to be entirely based in the U.S., promoting domestic manufacturing.
- Cost Reduction: Can decrease the cost of solar energy by up to 30%, making it more accessible for households and businesses.
Potential Applications and Benefits
Swift Solar's perovskite technology has the potential to transform traditional solar markets and create new opportunities:
- Electric Vehicles: Could gain 15 miles of range or more per day with perovskite solar roofs.
- Satellites: Benefit from a 10x cost reduction and improved radiation tolerance for solar arrays.
- Space Applications: Actively testing perovskite technology in space.
Government Support and Grants
Swift Solar has received over $16 million in federal and state grants from:
- U.S. Department of Energy
- Department of Defense
- National Science Foundation
- California Energy Commission
These grants underscore the confidence in Swift Solar's technology and its potential to lead the next generation of solar advancements.
Swift Solar's Series A funding round sets the stage for a sustainable future powered by clean energy, positioning the U.S. as a leader in advanced solar manufacturing.
