Solar PV technology firm Swift Solar announced today that it secured more than $8 million in Series Seed two financing, with an additional $1.5 million expected to close soon, for a total of $9.6 million.
The round was led by GitLab CEO Sid Sijbrandij and cryptocurrency expert James Fickel. Other participants at the round include climate tech and deep tech investors Good Development Capital, Safar Partners, Climate Capital, Jack Fuchs, and Sierra Peterson, crypto and finance professionals Jonathan Lin, Grant Hummer, along with Ethereum creator Vitalik Buterin, and a varied group of angel investors. The funding round will be used to expand R&D capabilities, develop prototypes, and grow the Swift Solar team.
Swift Solar’s perovskite tandem technology delivers abundant zero-carbon electricity for virtually any application under the sun.
Joel Jean, Co-Founder and CEO
“Today’s business leaders understand that perovskite technology represents new possibilities for the future of solar power. The Swift Solar staff is working nonstop to produce solar panels more affordable, simpler, and simpler to install. With this funding, we can move faster on our path toward hammering tomorrow’s zero-emissions vehicles and power grids with high energy solar”
Swift Solar–lately recognized by a joint R&D 100 Award together with all the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL)–has raised over $16 million in equity funding so far. The company is additionally supported by non-dilutive financing from the National Science Foundation, the U.S. Department of Energy, and the Office of Naval Research.
“We must accelerate innovation to limit climate change,” explained Sijbrandij. “Swift Solar’s cutting-edge solar technologies is a significant part of the puzzle, and the Swift staff is next to none. I am pleased to help hasten their job so it can meet the urgency of the moment.”
“Swift Solar’s groundbreaking perovskite technologies was created by incredible scientists who have profound expertise in how to make solar work better for cheaper,” said Fickel. “Here is the business I really hope to take solar ability to the next level”
A Deeper Look in Swift Solar’s Innovative Perovskite Technology
Swift Solar is employed to develop a brand new solar PV technologies –metal halide perovskites–which could outperform today’s silicon and high-tech technology. Over a decade, perovskite tandems might be more efficient, more affordable, and more scalable than any PV technology currently available on the market.
Perovskite solar cells require less material than conventional technology, and the raw materials are more plentiful and less expensive. Manufacturing of perovskite PV modules involves simpler and higher-throughput manufacturing equipment and less energy than is required for silicon PV manufacturing. Adaptive perovskite solar panels may reach unparalleled power-to-weight ratios and may be wrapped up like a tarp and laminated on any surface. And they empower multijunction, or tandem, cell structures that may reach power conversion efficiencies of over 40 percent, breaking through the 30 percent limitation of current technology and supplying greater watts per dollar spent on installation.
With this combination of higher efficiency, power density, and versatility, Swift Solar’s perovskite PV technology could keep drones in the skies for months at a time, recharge electric vehicles, electricity houses, and provide supplemental and off-grid power in developing countries and disaster areas.
