Perovskite Technology Firm Swift Solar Secures $8 Mn in Series Seed 2 Financing

• Swift Solar has safeguarded greater than USD 8 million in Series Seed 2 funding, with an additional USD 1.5 million anticipated to close soon.

Swift Solar, a solar PV innovation business working with perovskite innovation, has announced that it has actually safeguarded more than USD 8 million in Series Seed 2 funding, with an added USD 1.5 million anticipated to close quickly, for a total amount of USD 9.6 million.

The seed 2 round was led by GitLab CEO Sid Sijbrandij as well as cryptocurrency professional James Fickel. Other individuals in the round consist of environment tech as well as deep tech investors Good Growth Capital, Safar Partners, Climate Capital, Jack Fuchs, as well as Sierra Peterson, crypto and finance specialists Jonathan Lin, Grant Hummer, and Ethereum developer Vitalik Buterin, and also a varied team of angel investors.

" We have to accelerate advancement to limit climate modification," stated Sid Sijbrandij. "Swift Solar's innovative solar innovation is an important piece of the puzzle, and also the Swift group is unrivaled. I'm pleased to help accelerate their work so it can satisfy the urgency of the moment."

The company has actually mentioned that the financing round will certainly be utilized to expand R&D capacities, develop prototypes, and also grow the Swift Solar team.

" Today's sector leaders identify that perovskite modern technology represents brand-new opportunities for the future of solar," said Co-Founder and CEO Joel Jean. "The Swift Solar team is working continuously to make photovoltaic panels extra inexpensive, extra reliable, and also less complicated to mount. With this financing, we can relocate faster on our course toward powering tomorrow's zero-emissions lorries and also power grids with high-performance solar."

The firm to date has actually raised over USD 16 million in equity financing. And it is sustained by non-dilutive funding from the National Science Foundation, the U.S. Department of Energy, and the Office of Naval Research.

The firm is currently servicing developing a new solar PV technology in steel halide perovskites, which it anticipates could fundamentally outmatch today's silicon as well as thin-film modern technologies. The company is certain that within 10 years, perovskite tandems could be more effective, more cost effective, and more scalable than any type of PV item on the market.

It further added that flexible perovskite photovoltaic panels can get to unequaled power-to-weight ratios as well as can be rolled up like a tarp as well as laminated onto almost any kind of surface area. And they enable multijunction, or tandem, cell frameworks that could reach power conversion effectiveness of over 40 percent, breaking through the ~ 30 percent limit of existing technology and also supplying even more watts per dollar spent on installment.

With this combination of higher performance, power thickness, and flexibility, the company thinks that its perovskite PV innovation can maintain drones overhead for months at a time, recharge electric lorries, power homes, and also supply extra and also off-grid power in establishing countries and also disaster areas.

In September, Swift Solar along with National Renewable Energy Laboratory (NREL) received the 2020 R&D 100 Award for lightweight perovskite solar modern technology. Their all-perovskite tandem innovation was acknowledged for can opening up a totally brand-new solar-energy application: lorries powered straight by photovoltaics (PV). No previous PV innovation had accomplished the consolidated flexibility, inexpensive and also high specific power needed for PV-powered automobiles.