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Swift Solar, a trailblazer in American solar technology, recently concluded a $27 million Series A financing. This event marks a substantial advancement in the production of sophisticated perovskite solar technology in the U.S.
The financing round saw leadership from Eni Next and Fontinalis Partners. Eni Next, Eni's venture capital segment, targets high-potential start-ups wielding groundbreaking, scalable technologies poised to hasten the shift to a carbon-neutral future. Fontinalis Partners, focusing on mobility and deep tech, backs early-stage ventures that promote efficient and sustainable transport.
The round also welcomed contributions from both new and returning investors, such as Stanford University, Good Growth Capital, BlueScopeX, HL Ventures, Toba.com, Sid Sijbrandij, James Fickel, Adam Winkel, Fred Ehrsam, Jonathan Lin, and Climate Capital.
With this funding, Swift Solar's total raised capital reaches $44 million. The company aims to revolutionize the solar energy sector with its perovskite tandem solar solutions, known for their superior efficiency. The funds will expedite the development of Swift Solar's robust and efficient tandem technology as the company sets sights on establishing its inaugural manufacturing facility.
"Solar is the future of energy—not just clean energy," said Joel Jean, co-founder and CEO of Swift Solar. "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 deep tech and strategic investors to take Swift to the next level."
Perovskites are rapidly gaining recognition within the solar sector as a transformative photovoltaic (PV) technology. Swift Solar's tandem perovskite products promise significant performance improvements over silicon and thin-film options at a reduced cost. These perovskite solar cells require fewer materials and energy for production, diminishing costs and environmental impact. Notably, the perovskite supply chain could be entirely U.S.-based, significantly bolstering domestic manufacturing capabilities. This technology's cost-effectiveness and enhanced performance could reduce solar energy costs by up to 30%, vastly increasing accessibility for households and businesses and bolstering U.S. competitiveness in the global renewable energy arena.
Furthermore, Swift Solar's technology is set to redefine conventional solar markets and unlock new possibilities for integrating solar energy, such as in electric vehicles and satellites. Perovskite solar roofs could add over 15 miles of driving range daily to electric vehicles. Similarly, satellites could see a tenfold cost decrease and enhanced radiation tolerance with these solar arrays. Swift Solar is also testing its technology in outer space applications.
The company's pioneering efforts in advanced solar manufacturing in the U.S. have garnered over $16 million in federal and state grants from entities, including the U.S. Department of Energy, Department of Defense, National Science Foundation, and the California Energy Commission. The growing investor base underscores a robust confidence in perovskite solar's future. With the Series A funding, Swift Solar is well-positioned to spearhead the development of next-gen solar technology and foster a sustainable future energized by clean power.
Swift Solar was founded in 2017 and is a spinout of MIT, Stanford University, and the National Renewable Energy Laboratory (NREL). The company is committed to combating climate change and rejuvenating U.S. manufacturing by developing cutting-edge perovskite photovoltaics.
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