Swift Solar Announces $27 Million Series A Funding Round

SAN CARLOS, Calif., June 12, 2024 /PRNewswire/ -- Swift Solar, a pioneering American solar technology company, today announced the close of its $27 million Series A financing round. This milestone is a major step forward for U.S. manufacturing of advanced perovskite solar technology.

The round was co-led by Eni Next and Fontinalis Partners. Eni Next, the corporate venture capital arm of Eni, invests in high-growth start-ups with the most innovative, disruptive, and scalable technologies to accelerate the energy transition toward a zero-carbon future. Fontinalis Partners is a mobility and deeptech VC firm that invests in early-stage companies enabling efficient and sustainable movement of all forms. Also joining the round are new and existing investors including Stanford University, Good Growth Capital, BlueScopeX, HL Ventures, Toba Capital, Sid Sijbrandij, James Fickel, Adam Winkel, Fred Ehrsam, Jonathan Lin, and Climate Capital.

In total, Swift Solar has raised $44 million for its mission to transform the solar energy landscape with perovskite tandem solar products that offer superior performance. Proceeds from this round will accelerate Swift Solar's scaling of efficient and stable tandem technology as the company prepares to break ground on its first factory.

"Solar is the future of energy—not just clean energy," said Joel Jean, co-founder and CEO of Swift Solar. "Our advanced perovskite solar cells can outperform anything currently available on the market. 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. This is an unprecedented opportunity to reshape the global solar industry. With this round, we're excited to partner with world-class deeptech and strategic investors to take Swift to the next level."

The solar industry is increasingly regarding perovskites as a groundbreaking PV technology. Swift Solar's perovskite tandem technology promises to drastically outperform today's silicon and thin-film technologies at lower cost. Perovskite solar cell production involves less material and less energy, which will drive down manufacturing costs and carbon pollution. The perovskite supply chain could be based entirely in the United States and aligned countries, creating a major opportunity to expand domestic manufacturing. The performance gains and cost reductions from perovskite technology have the potential to decrease the cost of solar energy by up to 30%. Taken together, Swift Solar's technology would make solar energy far more accessible for the average household or business and make the United States more competitive in the global clean energy market.

The improvements in efficiency and durability enabled by Swift Solar's perovskite technology would transform traditional solar markets while creating new possibilities for solar integration. Electric vehicles, for example, could gain 15 miles of range or more per day with perovskite solar roofs. Satellites could benefit from a 10x cost reduction and improved radiation tolerance for solar arrays. The company is actively testing its perovskite technology in space.

Swift Solar's efforts to establish the United States as a force in advanced solar manufacturing have attracted over $16 million in federal and state grants from the U.S. Department of Energy, Department of Defense, National Science Foundation, and the California Energy Commission. The company's growing list of investors reflects rising confidence in perovskite solar. With this Series A funding, Swift Solar is primed to lead in developing this next-generation technology and building a more sustainable future, powered by clean energy.

About Swift Solar
Swift Solar is a leading U.S. solar technology company developing advanced perovskite photovoltaics. Founded in 2017 by a global team of leading solar technologists, the company is a spinout of MIT, Stanford University, and the National Renewable Energy Laboratory (NREL). Swift Solar aims to build a better future by stopping climate change and revitalizing domestic manufacturing. For more information, visit www.swiftsolar.com and follow Swift Solar on X and LinkedIn.

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SOURCE Swift Solar