Swift Solar secures $27 million for cutting-edge solar technology development.

By Oliver Townsend Jun 18, 2024
Swift Solar Closes $27 Million To Develop Advanced Perovskite Photovoltaics.jpegOrginal image from: https://pulse2.com/swift-solar-closes-27-million-to-develop-advanced-perovskite-photovoltaics/

Swift Solar has recently closed a $27 million Series A financing round to further develop its advanced perovskite photovoltaics technology. Founded in 2017 by a team of leading solar technologists from MIT, Stanford University, and the National Renewable Energy Laboratory, Swift Solar aims to transform the solar energy landscape with its innovative products. The funding round was co-led by Eni Next and Fontinalis Partners, with additional support from Stanford University, Good Growth Capital, and other investors.

Revolutionizing Solar Technology

Swift Solar’s perovskite tandem technology is poised to revolutionize the solar industry by offering superior performance at a lower cost than traditional silicon and thin-film technologies. With the potential to decrease the cost of solar energy by up to 30%, Swift Solar’s technology could make solar energy more accessible to households and businesses, while also boosting the competitiveness of the United States in the global clean energy market.

Enhancing Efficiency and Durability

One of the key advantages of Swift Solar’s perovskite technology is its ability to significantly improve the efficiency and durability of solar cells. This technology has the potential to transform traditional solar markets and create new opportunities for solar integration across various industries. For example, electric vehicles could benefit from increased range with perovskite solar roofs, while satellites could experience cost reductions and improved radiation tolerance for solar arrays.

Leading the Way in Advanced Solar Manufacturing

Swift Solar’s efforts to establish the US as a leader in advanced solar manufacturing have been recognized with over $16 million in grants from federal and state agencies. The company’s growing list of investors reflects a rising confidence in perovskite solar technology. With this recent funding round, Swift Solar is well-positioned to drive the development of next-generation solar technology and contribute to a more sustainable future powered by clean energy.

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