How Much Did Swift Solar Raise? Funding & Key Investors

Swift Solar has successfully raised funding over six rounds, with notable investors including Eni Next, Fontinalis Partners, and Climate Capital. The latest Series A round saw participation from 13 investors, highlighting strong interest in the company's innovative solar technology.

With a focus on advancing solar energy through perovskite tandem technology, Swift Solar is poised to make significant strides in the renewable energy sector. Keep reading to explore the intricacies of Swift Solar's fundraising journey and the investors backing this promising venture.

What Is Swift Solar?

Swift Solar, founded in 2017, is a US-based company specializing in solar technology. The company focuses on developing perovskite tandem photovoltaic cells, which are lightweight and more flexible than conventional panels.

Located in San Carlos, California, Swift Solar was spun out of prestigious institutions like Stanford, MIT, and NREL. The company has a team of leading experts, including co-founders Joel Jean, Tomas Leijtens, Max Hoerantner, and Giles Eperon.

With a workforce of 11-50 employees, Swift Solar is making significant strides in the renewable energy sector, supported by world-class investors and strong backing from the US government.

How Much Funding Has Swift Solar Raised?

1. Series A
   • Amount Raised: USD 27,000,000
   • Date: June 2024
   • Lead Investors: Eni Next, Fontinalis Partners
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To advance their perovskite tandem photovoltaic technology.
2. Grant
   • Amount Raised: USD 7,000,000
   • Date: May 2024
   • Lead Investors: US Department of Energy
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To support research and development in solar technology.
3. Grant
   • Amount Raised: USD 1,000,000
   • Date: September 2021
   • Lead Investors: National Science Foundation
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To fund early-stage research and innovation.
4. Seed
   • Amount Raised: USD 8,162,512
   • Date: December 2020
   • Lead Investors: Sytse Sijbrandij
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To scale up operations and accelerate product development.
5. Grant
   • Amount Raised: USD 225,000
   • Date: June 2019
   • Lead Investors: National Science Foundation
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To support foundational research in solar technology.
6. Seed
   • Amount Raised: USD 7,000,000
   • Date: December 2018
   • Lead Investors: Safar Partners
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To establish initial operations and develop core technology.

Total Amount Raised: USD 50,387,512. Current Valuation: Not publicly disclosed.

Key Investors

• Eni Next
  • Details: Eni Next is an Italian multinational oil and gas company headquartered in Rome. It is one of the world's largest publicly traded oil and gas companies.
  • Investment Focus Areas: Exploration, production, refining, marketing of oil and natural gas, renewable energy projects, technological innovations in the energy sector.
  • Notable Investments: Swift Solar, various renewable energy projects, technological advancements in energy efficiency.
• Fontinalis Partners
  • Details: Fontinalis Partners is a venture capital firm that invests in next-generation mobility companies. The firm was founded by Bill Ford, the executive chairman of Ford Motor Company.
  • Investment Focus Areas: Mobility, transportation, logistics, and related technologies.
  • Notable Investments: Swift Solar, Lyft, Postmates.
• US Department of Energy
  • Details: The US Department of Energy is a federal agency responsible for the United States' policies regarding energy and safety in handling nuclear material.
  • Investment Focus Areas: Renewable energy, energy efficiency, nuclear energy, scientific research.
  • Notable Investments: Swift Solar, various national laboratories, energy research projects.
• National Science Foundation
  • Details: The National Science Foundation is an independent federal agency created by Congress to promote the progress of science.
  • Investment Focus Areas: Scientific research, education, engineering, and technology.
  • Notable Investments: Swift Solar, numerous scientific research grants, educational initiatives.
• Sytse Sijbrandij
  • Details: Sytse Sijbrandij is the co-founder and CEO of GitLab, a web-based DevOps lifecycle tool that provides a Git repository manager.
  • Investment Focus Areas: Technology, software development, open-source projects.
  • Notable Investments: Swift Solar, GitLab, various tech startups.

What's Next for Swift Solar?

Swift Solar stands at the cusp of significant opportunities, bolstered by their recent tech financing with backing from Italy’s Eni. This partnership opens doors for technological advancements and potential collaborations with international energy giants, positioning Swift Solar for substantial growth in the renewable energy sector.

As the company continues to innovate, future fundraising opportunities seem promising. The successful tech financing round suggests that investors are keen on supporting Swift Solar's vision, which could lead to further investments and possibly acquisitions. However, the path forward is not without challenges. Technological hurdles, market competition, and regulatory changes are potential obstacles that Swift Solar must navigate to maintain its upward trajectory.

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