Swift Solar Revolutionizes Solar Energy Landscape with $27 Million Funding
June 18, 2024, 9:33 pm
Location: United States, California, San Carlos
Employees: 11-50
Founded date: 2017
Total raised: $36M
Swift Solar, a cutting-edge American solar technology company, has secured a significant $27 million in Series A financing to advance its development of advanced perovskite photovoltaics. Founded in 2017 by a team of leading solar technologists from MIT, Stanford University, and the National Renewable Energy Laboratory (NREL), Swift Solar is on a mission to transform the solar energy industry with its innovative technology.
The funding round, co-led by Eni Next and Fontinalis Partners, marks a major milestone for U.S. manufacturing of advanced perovskite solar technology. With new and existing investors such as Stanford University, Good Growth Capital, BlueScopeX, and others joining the round, Swift Solar has now raised a total of $44 million to propel its vision forward.
Perovskite solar cells are hailed as a groundbreaking PV technology, offering superior performance compared to traditional silicon and thin-film technologies at a lower cost. The production process requires less material and energy, driving down manufacturing costs and reducing carbon pollution. This presents a significant opportunity to expand domestic manufacturing and decrease the cost of solar energy by up to 30%, making clean energy more accessible to households and businesses while enhancing the country's competitiveness in the global clean energy market.
Swift Solar's perovskite technology not only promises efficiency and durability improvements but also opens up new possibilities for solar integration. Electric vehicles could see a boost in range with perovskite solar roofs, while satellites could benefit from cost reductions and improved radiation tolerance for solar arrays. The company is even testing its technology in space, showcasing its potential for diverse applications.
The company's efforts to establish the U.S. as a leader in advanced solar manufacturing have garnered over $16 million in federal and state grants from key organizations. With rising confidence in perovskite solar technology reflected in its growing list of investors, Swift Solar is poised to lead the charge in developing this next-generation technology and creating a more sustainable future powered by clean energy.
CEO Joel Jean expressed his excitement about the company's future, stating, "Solar is the future of energy. Our advanced perovskite solar cells can outperform anything on the market. Swift Solar will bring advanced solar manufacturing back to the U.S. and reshape the global solar industry. This funding round allows us to partner with top investors to take Swift to the next level."
In conclusion, Swift Solar's groundbreaking technology and strategic partnerships position it as a key player in revolutionizing the solar energy landscape and driving the transition to a cleaner, more sustainable future.
The funding round, co-led by Eni Next and Fontinalis Partners, marks a major milestone for U.S. manufacturing of advanced perovskite solar technology. With new and existing investors such as Stanford University, Good Growth Capital, BlueScopeX, and others joining the round, Swift Solar has now raised a total of $44 million to propel its vision forward.
Perovskite solar cells are hailed as a groundbreaking PV technology, offering superior performance compared to traditional silicon and thin-film technologies at a lower cost. The production process requires less material and energy, driving down manufacturing costs and reducing carbon pollution. This presents a significant opportunity to expand domestic manufacturing and decrease the cost of solar energy by up to 30%, making clean energy more accessible to households and businesses while enhancing the country's competitiveness in the global clean energy market.
Swift Solar's perovskite technology not only promises efficiency and durability improvements but also opens up new possibilities for solar integration. Electric vehicles could see a boost in range with perovskite solar roofs, while satellites could benefit from cost reductions and improved radiation tolerance for solar arrays. The company is even testing its technology in space, showcasing its potential for diverse applications.
The company's efforts to establish the U.S. as a leader in advanced solar manufacturing have garnered over $16 million in federal and state grants from key organizations. With rising confidence in perovskite solar technology reflected in its growing list of investors, Swift Solar is poised to lead the charge in developing this next-generation technology and creating a more sustainable future powered by clean energy.
CEO Joel Jean expressed his excitement about the company's future, stating, "Solar is the future of energy. Our advanced perovskite solar cells can outperform anything on the market. Swift Solar will bring advanced solar manufacturing back to the U.S. and reshape the global solar industry. This funding round allows us to partner with top investors to take Swift to the next level."
In conclusion, Swift Solar's groundbreaking technology and strategic partnerships position it as a key player in revolutionizing the solar energy landscape and driving the transition to a cleaner, more sustainable future.