(Source: Shutterstock.com, Swift Solar)
Swift Solar closed its $27 million Series A financing round, advancing the U.S.’ manufacturing of perovskite solar technology, the company said on June 12.
The round was co-led by Eni Next, the capital arm of Italian integrated energy company Eni, and deeptech firm Fontinalis Partners. New investors in the round also include Standford University, Good Growth Capital, HL Ventures, among others.
In total, Swift raised $44 million for its mission to transform the solar energy landscape with perovskite tandem solar projects.
“People may not realize that solar manufacturing today is concentrated in China and Southeast Asia. Swift Solar will bring advanced solar manufacturing back to the U.S. and strengthen our domestic renewable energy sector,” said Joel Jean, Swift co-founder and CEO.
Perovskite is a mineral composed of calcium titanate that can help with efficient solar energy use and decrease the cost of solar energy by up to 30%, Swift said.
The company added that the solar industry is reinforcing perovskite as a “groundbreaking” photovoltaic technology.
“Perovskite solar cell production involves less material and less energy, which will drive down manufacturing costs and carbon pollution,” Swift said.
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