Tandem PV Raises $50M to Take Back U.S. Leadership With New Perovskite Solar Manufacturing

Investment supports the commercialization of perovskite solar panels, poised to reshape the renewable energy landscape

SAN JOSE, Calif., March 4, 2025 /PRNewswire/ -- Tandem PV, a pioneer in American perovskite solar technology, today announced 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. This 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 while increasing its energy security.

Tandem PV's groundbreaking tandem perovskite panels deliver an industry-leading combination of durability and efficiency that is unrivaled by other market offerings. Its panels currently achieve 28% efficiency and are projected to surpass 30% by late 2025, proving to be 30% more powerful than the average silicon solar panel. Tandem PV's panels lower labor and land costs, offering customers a lower total cost of ownership and a sustainable path toward decarbonization.

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 Series A funding milestone underscores growing confidence in Tandem PV's technology and its potential to strengthen domestic clean energy production at a time when the majority of solar technology is imported from China. Tandem PV's efforts aim to re-establish U.S. leadership in solar innovation, foster energy independence and job creation, and reduce reliance on foreign supply chains. As energy security and economic resilience become increasingly critical, Tandem PV's technology contributes to a balanced energy future, making it a practical solution for today's evolving energy landscape.

"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."

For more information, visit https://www.tandempv.com/.

About Tandem PV
Tandem PV is driving the transition to a net-zero economy by developing state-of-the-art perovskite-based solar panels, which combine the durability and efficiency needed for broad scale deployment. The company will produce its solar panels domestically, to help the U.S. re-establish its energy industrial leadership and reduce dependency on foreign manufacturers. Its co-founder and CTO, Colin Bailie, developed the world's first perovskite-silicon tandem solar cell at Stanford University and launched the company through Activate, the U.S. Dept. of Energy startup accelerator. Tandem PV has raised a total of $83 million in venture capital, debt, and government funds from Eclipse, Constellation Energy, the Department of Energy and more. For more information, visit https://www.tandempv.com/.

About Eclipse
With ~$5 billion in assets under management and a team of investors with deep operating expertise in technology, manufacturing, supply chain, logistics, healthcare, and consumer products, Eclipse is a leading U.S. venture capital firm. Its leadership team has the experience necessary to create and scale complex operations. Eclipse partners with exceptional companies that make physical industries more efficient, resilient, and profitable. For more information, visit www.eclipse.vc.

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SOURCE Tandem PV