Swift Solar Announces $27 Million Funding Round

SAN CARLOS, California., June 12, 2024 /PRNewswire/ — Swift Solar, the pioneering U.S. solar technology company, today announced its closure $27 million Series A financing round. This milestone represents an important step forward in U.S. manufacturing of advanced perovskite-based photovoltaic technology.

The round was co-led by Eni Next and Fontinalis Partners. Eni Next, Eni’s corporate venture capital arm, invests in high-growth start-ups with the most innovative, disruptive and scalable technologies to accelerate the energy transition towards a zero-emission future. Fontinalis Partners is a mobility and deeptech VC firm that invests in early-stage companies enabling efficient and sustainable mobility in all its forms. New and existing investors are also joining the round, including: Stanford UniversityGood Growth Capital, BlueScopeX, HL Ventures, Toba Capital, Sid Sijbrandij, James Fickel, Adam Winkel, Fred Ehrsam, Jonathan Linand Climate Capital.

Overall, Swift Solar conquered $44 million for its mission to transform the solar energy landscape with tandem perovskite solar products that deliver superior performance. Proceeds from this round will accelerate Swift Solar’s scaling of its efficient and stable tandem technology as the company prepares to begin construction of its first factory.

“Solar solar is the future of energy – not just clean energy,” he 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 today’s solar energy production is concentrated in China AND Southeast Asia. Swift Solar will bring advanced solar energy production back to the United States and strengthen our domestic renewable energy sector. This is an unprecedented opportunity to transform the global photovoltaic industry. In this round, we are excited to partner with world-class deeptech and strategic investors to take Swift to the next level.

The photovoltaic industry increasingly sees perovskites as a breakthrough photovoltaic technology. Swift Solar’s tandem perovskite technology could dramatically outperform today’s silicon and thin-film technologies at lower costs. Producing perovskite solar cells requires less material and energy, which will reduce production costs and carbon dioxide pollution. The perovskite supply chain could be based entirely on: United States and the United States, creating a major opportunity for the development of domestic production. Efficiency gains and cost reductions from perovskite technology have the potential to reduce the cost of solar energy by up to 30%. Overall, Swift Solar technology will make solar energy much more accessible to the average household or business 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 opportunities for solar integration. For example, electric vehicles could gain a range of at least 25 miles a day thanks to perovskite solar roofs. Satellites could benefit from a 10-fold cost reduction and increased radiation tolerance for solar panels. The company is actively testing its perovskite technology in space.

Swift Solar’s efforts to establish United States as a force in advanced solar energy production, it has attracted over $16 million under federal and state grants from the U.S. Department of Energy, Department of Defense, National Science Foundation, and California Energy Commission. The company’s growing investor list reflects growing confidence in photovoltaic perovskites. With Series A funding, Swift Solar has the opportunity to lead in the development of next-generation technologies and build 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 MYTH, Stanford Universityand the National Renewable Energy Laboratory (NREL). Swift Solar’s goal is to build a better future by stopping climate change and revitalizing domestic production. For more information visit www.swiftsolar.com and follow Swift Solar further X AND LinkedIn.

SOURCE Swift Solar