Total amount raised
$50.4 Millions
Latest funding date
06/01/2024
Location
Swift Solar has successfully raised $27 million in a Series A funding round, backed by 18 investors including Jonathan Lin and Climate Capital. The company is pioneering the development of advanced perovskite tandem photovoltaic cells, promising higher efficiency and scalability in solar energy technology.
Keep reading to explore the intricacies of Swift Solar's fundraising journey and the investors backing this innovative platform.
What Is Swift Solar?
Swift Solar, founded in 2017, is a pioneering company in the solar technology industry. Headquartered in San Carlos, California, the company specializes in the development of advanced perovskite tandem photovoltaic cells, aiming to enhance the efficiency and affordability of solar energy.
The company was co-founded by a team of experts including Giles Eperon, Joel Jean, Kevin Bush, Maximilian Hoerantner, Samuel Stranks, and Tomas Leijtens. With a workforce of 11-50 employees, Swift Solar leverages AI and machine learning to drive innovation in solar technology.
How Much Funding Has Swift Solar Raised?
- Seed Round
- Amount Raised: $7M
- Date: December 20, 2018
- Lead Investors: Safar Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their perovskite tandem photovoltaic cells.
- Seed Round
- Amount Raised: $8.2M
- Date: December 14, 2020
- Lead Investors: Sytse Sijbrandij
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further research and development efforts in solar technology.
- Grant
- Amount Raised: $1M
- Date: September 8, 2021
- Lead Investors: National Science Foundation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support innovative research in solar energy.
- Grant
- Amount Raised: $7M
- Date: May 16, 2024
- Lead Investors: US Department of Energy
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To advance the development of perovskite solar technology.
- Series A
- Amount Raised: $27M
- Date: June 12, 2024
- Lead Investors: Eni Next, Fontinalis Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish a perovskite solar factory and bring advanced solar manufacturing back to the U.S.
Total Amount Raised: $50.425M. Current Valuation: Not publicly disclosed.
Key Investors
- Eni Next
- Details: Eni Next is the capital arm of Eni, an Italian integrated energy company. They focus on investing in innovative technologies that can transform the energy sector.
- Investment Focus Areas: Energy, technology, sustainability.
- Notable Investments: Various energy and technology startups.
- Fontinalis Partners
- Details: Fontinalis Partners is a deeptech investment firm. They specialize in funding companies that are developing groundbreaking technologies.
- Investment Focus Areas: Deeptech, mobility, technology.
- Notable Investments: Known for investments in mobility and deeptech companies.
- US Department of Energy
- Details: The US Department of Energy is a government agency focused on advancing the national, economic, and energy security of the United States. They support innovative research and development in energy technologies.
- Investment Focus Areas: Energy, research, innovation.
- Notable Investments: Various energy research projects and technology advancements.
- National Science Foundation
- Details: The National Science Foundation is an independent federal agency that supports fundamental research and education across all fields of science and engineering.
- Investment Focus Areas: Science, engineering, education.
- Notable Investments: Various scientific research projects and educational initiatives.
- Sytse Sijbrandij
- Details: Sytse Sijbrandij is an individual investor known for his involvement in technology startups. He is the co-founder and CEO of GitLab.
- Investment Focus Areas: Technology, software, innovation.
- Notable Investments: GitLab, various technology startups.
What's Next for Swift Solar?
Swift Solar stands at the cusp of a transformative opportunity in the solar energy sector. With $44 million in funding, the company aims to revolutionize solar manufacturing in the U.S. by leveraging perovskite tandem solar technology. This innovation promises to enhance efficiency and reduce costs, positioning Swift Solar as a key player in the industry.
Future fundraising appears promising, given the strong backing from investors like Eni Next and Fontinalis Partners. As the company scales its operations, it may attract further investment to support its ambitious goals. However, challenges such as competing with established manufacturing hubs in China and Southeast Asia and ensuring the commercial viability of its technology remain significant hurdles.
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