Tandem PV is a technology company.
Tandem PV has raised $56.0M across 2 funding rounds.
Tandem PV has raised $56.0M in total across 2 funding rounds.
Tandem PV has raised $56.0M in total across 2 funding rounds.
Tandem PV's investors include BMW i Ventures, Eclipse Ventures, Lux Capital, Marco DeMeireles, Bioeconomy Capital.
Tandem PV is a Silicon Valley-based startup developing perovskite-silicon tandem solar panels that achieve higher efficiency (currently 28%, projected to exceed 30% by late 2025) than standard silicon panels (around 21-22%), reducing costs and enabling U.S. manufacturing for utility-scale solar projects.[1][2][3][5] The company serves utility-scale developers and commercial customers by solving key solar challenges: limited efficiency, high land/labor costs, and reliance on foreign manufacturing, while producing panels that are 30-40% more powerful, use less energy to manufacture (about 10% per watt vs. silicon), and support decarbonization.[1][2][4][6] With $83-87 million raised from investors like Eclipse and Constellation Energy, plus government grants, Tandem PV is scaling toward commercial production in 2026, named among TIME's top GreenTech companies of 2025.[1][3][5]
Founded in 2016 in San Jose, California, Tandem PV emerged from breakthrough research by co-founder and CTO Colin Bailie, who as a Stanford doctoral candidate published the first peer-reviewed studies on perovskite-silicon tandem solar panels in the mid-2010s and developed the world's first such cell.[1][5][8] Bailie launched the company through Activate, the U.S. Department of Energy's startup accelerator, driven by a mission to restore U.S. solar manufacturing leadership amid growing global demand projected at $1 trillion annually.[1][6][8] Early traction included building a world-class team with solar manufacturing expertise, securing 16 government grants, and raising over $50 million in initial R&D funding, culminating in tablet-sized prototypes at 28% efficiency.[3][5][6]
Tandem PV rides the perovskite solar revolution, a decades-promising breakthrough now maturing to challenge silicon dominance amid surging renewable demand for net-zero goals.[1][2][6] Timing aligns with U.S. policy pushes for energy independence, like IRA incentives, countering China's 80%+ solar manufacturing share; domestic production creates jobs and secures supply chains.[1][3][4][8] Market tailwinds include utility-scale solar's cost pressures (80% from non-panel factors), where higher efficiency slashes land/infrastructure needs, plus falling perovskite production costs.[4][6] By commercializing durable tandems, Tandem PV influences the ecosystem, enabling faster decarbonization, boosting U.S. innovation via academic ties (Stanford, UNC), and paving for $1T market growth.[1][6][7]
Tandem PV is primed for 2026 commercial launch with its first U.S. production line, targeting utility-scale drop-ins and long-term offtake deals amid rising solar adoption.[4][5] Trends like AI-driven energy demand, policy support, and perovskite scaling will accelerate growth, potentially capturing share in a market hungry for 30%+ efficiency. Its influence could evolve from R&D pioneer to manufacturing leader, redefining U.S. solar economics and net-zero transitions—proving perovskite's promise through power, durability, and domestic scale.[1][3][5]
Tandem PV has raised $56.0M across 2 funding rounds. Most recently, it raised $50.0M Series A in March 2025.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Mar 1, 2025 | $50.0M Series A | BMW i Ventures, Eclipse Ventures, Lux Capital, Marco DeMeireles | |
| Apr 1, 2022 | $6.0M Series A | Bioeconomy Capital, Eclipse Ventures |