Tandem PV

Market position

Positioned as a U.S.-based perovskite tandem module developer aiming to reduce dependence on foreign solar manufacturing. Industry reports cited by the company project perovskite modules reaching gigawatt-scale production by 2028; UK-based Oxford PV shipped what it described as the first commercial perovskite-silicon tandem modules in 2024.

The company positions its combination of efficiency and durability — 30% panel efficiency with less than 1% annual degradation — and drop-in compatibility with standard module formats and existing silicon supply chains as its differentiators, alongside a patent portfolio in perovskite-layer technology, system design and durability.

Technology

Perovskite-silicon tandem photovoltaics: a thin-film perovskite layer is combined with conventional silicon cells to capture light wavelengths silicon converts inefficiently. The perovskite layer is described as 200 times thinner than silicon and requiring about 10% of the energy needed to produce conventional panels. Reported performance includes 30% panel efficiency (28% as of March 2025), roughly 40% more power in the same form factor, and less than 1% annual degradation in accelerated testing. Panels are standard size for integration into existing silicon manufacturing and utility-scale infrastructure.

Go-to-market

Initial focus on utility-scale deployments with IPPs as first customers, supported by construction of a U.S. commercial-scale manufacturing facility; partnership inquiries handled directly by the company. The company also engages state and federal programs and industry bodies such as the California Manufacturers & Technology Association.

Independent power producers and utility-scale solar developers are the initial customer focus; established solar module manufacturers are a secondary partner segment.

Geography

Headquartered in Silicon Valley, California, with San Jose given as the dateline for its March 2025 funding announcement; manufacturing is planned in the United States, with California cited as the location for its facility growth.

History

Founded in 2016 out of Stanford research and the Cyclotron Road/Activate accelerator, the company had raised roughly $28 million in venture capital and government funds as of May 2024, including an additional $6 million secured in early 2024 for R&D and planning of a first manufacturing facility. In March 2025 it announced a $50 million Series A funding and debt round led by Eclipse, bringing total capital raised to $83 million and funding construction of a commercial-scale U.S. manufacturing facility. As of the company's current website, capital raised is stated at $87 million. In August 2026, PV Tech reported the company had been awarded a U.S. Department of Energy grant to accelerate commercial scale-up of its perovskite technology. Leadership expanded under CEO Scott Wharton, with the organization oriented toward high-volume manufacturing and commercialization.

Risks & controversies

Perovskite materials can degrade when exposed to moisture, oxygen, light, heat or voltage; the company addresses this through patented technology and design innovations, citing accelerated testing showing less than 1% annual degradation. Gigawatt-scale perovskite module production is not expected until around 2028, and the company has yet to complete its commercial-scale manufacturing facility.