Tandem PV Secures $36M, Fully Funds 40MW Demonstration Plant, and Begins Shipping U.S.-Made T20 Tandem Modules, Targeting Over 30% Efficiency

Latitude Media USA

Overview

Tandem PV has developed technology to boost efficiency above 30% by layering a proprietary perovskite film onto silicon solar cells, accelerating its market entry. The company secured approximately $36 million in Series A funding, fully funding a 40-megawatt (MW) demonstration plant. Tandem PV has now commenced shipping its U.S.-made T20 tandem modules to utility-scale customers, marking a significant milestone in the commercialization of perovskite-silicon tandem technology.

In Depth

Key Findings

Tandem PV has developed an innovative technology that layers a proprietary perovskite film onto existing silicon solar cells, successfully boosting efficiency to over 30%. The company secured approximately $36 million in a Series A funding round, fully capitalizing a 40-megawatt (MW) demonstration plant. Furthermore, Tandem PV has already begun shipping its U.S.-made ‘T20’ tandem modules to utility-scale customers, which clearly indicates that perovskite-silicon tandem technology is transitioning from the laboratory to a full commercial phase.

Technical Details

Tandem PV’s technology boasts a significant advantage in its compatibility with standard silicon solar cell manufacturing processes, allowing it to leverage existing infrastructure. By forming a thin perovskite layer on top of a silicon substrate, the device efficiently absorbs different wavelengths of sunlight, achieving power conversion efficiencies unattainable with single-junction solar cells. Specifically, efficiencies exceeding 30% significantly surpass the current commercial efficiency limits of monocrystalline silicon solar cells. The company’s ‘T20’ modules are designed for both high performance and durability, with long-term field performance also being validated. The 40MW demonstration plant will play a critical role in establishing mass production techniques, optimizing manufacturing costs, and refining quality control processes, serving as an important step towards future large-scale production.

Background & Context

Perovskite-silicon tandem solar cells are gaining attention as a next-generation renewable energy technology with the potential to break through the efficiency limits of conventional silicon solar cells and dramatically improve the cost-effectiveness of solar power. Tandem PV’s origins lie in co-founder and CTO Colin Bailie’s development of the world’s first perovskite-silicon tandem solar cell at Stanford University, followed by its establishment through the U.S. Department of Energy (DOE)’s Activate accelerator program. This background suggests that the company’s technology is underpinned by a robust scientific foundation and strategic government support. As the U.S. seeks to establish leadership in clean energy technologies, the success of domestic companies like Tandem PV in achieving mass production will also contribute to energy security and supply chain resilience.

Strategic Significance & Outlook

The recent funding, securing of the demonstration plant, and commencement of T20 module shipments clearly indicate Tandem PV’s pioneering role in the commercialization of perovskite-silicon tandem technology. Through the operation of its demonstration plant, the company will aim to further reduce production costs and improve product reliability and durability, thereby expanding its market share. In the future, these high-efficiency modules are expected to be widely adopted in various applications, including residential rooftops, commercial buildings, and large-scale solar farms. Tandem PV’s success will play a crucial role in significantly reducing the cost of solar power and accelerating the global energy transition.