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Tandem PV, a trailblazer in American perovskite solar innovation, has raised a substantial $50 million in Series A funding and debt, marking a pivotal moment in the clean energy sector. Eclipse spearheaded the round, which received strategic backing from Constellation Energy, Planetary Technologies, Uncorrelated Ventures, Trellis Climate, Tom Werner (former SunPower CEO), Stifel Bank, CSC Leasing, and a mix of new and returning investors.
This fresh capital injection will propel the construction of a game-changing, commercial-scale manufacturing facility in the U.S., accelerating the rollout of Tandem PV’s high-efficiency solar panels. Beyond technological advancement, this move reinforces America’s energy security—reducing dependence on foreign solar imports while solidifying domestic production capabilities.
At the heart of Tandem PV’s breakthrough lies its tandem perovskite solar panels, an industry-leading fusion of unmatched durability and exceptional efficiency. These panels operate at 28% efficiency, expected to exceed 30% by late 2025, delivering 30% more power than conventional silicon-based panels.
The benefits extend far beyond efficiency. By slashing labour and land costs, these advanced panels drastically lower the total cost of ownership, making clean energy adoption more economically viable. As global decarbonization efforts intensify, Tandem PV positions itself as a critical force in the renewable energy transition.
Industry forecasts anticipate perovskite solar modules hitting gigawatt-scale production by 2028. This trajectory places Tandem PV at the forefront of this technological revolution. Their perovskite layer—200 times thinner than traditional silicon—requires just 10% of the energy needed for conventional solar panel production. This innovation significantly reduces manufacturing energy consumption while seamlessly integrating with existing silicon-based infrastructure.
"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 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’s funding milestone underscores rising investor confidence in its ability to redefine domestic clean energy production. At a time when the majority of solar technology is imported from China, this shift signals a renewed push for U.S. leadership in solar innovation, energy independence, and job creation.
"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."
About Tandem PV
Tandem PV is at the vanguard of the net-zero transition, pioneering perovskite-based solar panels designed for broad-scale deployment. The company is committed to domestic manufacturing and aims to restore America’s industrial leadership in renewable energy.
Co-founder and CTO Colin Bailie, who developed the world’s first perovskite-silicon tandem solar cell at Stanford University, launched the company through Activate, the U.S. Department of Energy startup accelerator. To date, Tandem PV has raised $83 million through venture capital, debt financing, and government grants—backed by Eclipse, Constellation Energy, the Department of Energy, and more.
About Eclipse
With $5 billion in assets under management, Eclipse is a leading U.S. venture capital firm specializing in complex, physical industries—from technology and manufacturing to supply chain logistics, healthcare, and consumer products. Its seasoned leadership team transforms ambitious concepts into large-scale operations, making industries more efficient, resilient, and profitable.