Tandem PV Raises $50m To Take Perovskite Based Technology Commercial

US based Tandem PV, which has focused research on perovskite based solar technology, has announced that it has secured $50 million in Series A funding and debt, led by Eclipse, with participation from Constellation Energy, Planetary Technologies, Uncorrelated Ventures, Trellis Climate, Tom Werner (former CEO of SunPower), Stifel Bank, CSC Leasing, and other existing and new investors. According to the firm, the investment will enable Tandem PV to construct a breakthrough commercial-scale manufacturing facility in the U.S., accelerating the adoption of its high-efficiency solar panels and allowing the U.S. to reduce its dependency on foreign manufacturers.

Tandem PV had last raised a $6 million round in January, 2024.

Tandem PV’s tandem perovskite panels claim an industry-leading combination of durability and efficiency of 28% and are projected to surpass 30% by late 2025, proving to be 30% more powerful than the average silicon solar panel. That supports lower labor and land costs, offering customers a lower toral cost of ownership. However, the benefits of such a change are unlikely to be seen before 2028 or later as the US market moves much slower on permissions and projects when compared to say, China, or even India in some cases.

Industry reports project perovskite solar modules will achieve gigawatt-scale production by 2028, positioning Tandem PV at the forefront of this technological shift. With a perovskite layer 200 times thinner than silicon and requiring just 10% of the energy needed to produce conventional panels, Tandem PV’s technology sets a new benchmark in sustainable solar manufacturing by significantly reducing energy usage during production and seamlessly integrating into existing silicon 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 it 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.”

“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.”