Loading organizations...
Tandem PV develops advanced solar panels using perovskite-silicon tandem technology. Their core product integrates a thin layer of highly light-absorbing perovskite material stacked onto conventional silicon solar cells. This innovative approach aims to significantly increase energy capture, resulting in more efficient and durable solar panels for various applications.
The company was founded in 2016 by Colin Bailie and Chris Eberspacher. Colin Bailie's PhD research at Stanford yielded the first perovskite-silicon tandem solar cell, forming the foundational technical insight. Experienced solar industry professional Chris Eberspacher partnered with Bailie, establishing Tandem PV to commercialize this breakthrough in high-efficiency solar technology.
Tandem PV's advanced solar solutions target markets seeking superior renewable energy options. The company's vision centers on accelerating the global transition to a net-zero economy by delivering the most efficient and durable perovskite solar panels. They aim to enable more widespread and impactful solar energy adoption through commercialization.
Tandem PV has raised $66.0M across 4 funding rounds.
Tandem PV has raised $66.0M in total across 4 funding rounds.
Tandem PV is a Silicon Valley-based startup developing perovskite-silicon tandem solar panels that achieve higher efficiency (currently 28%, projected to exceed 30% by late 2025) than standard silicon panels (around 21-22%), reducing costs and enabling U.S. manufacturing for utility-scale solar projects.[1][2][3][5] The company serves utility-scale developers and commercial customers by solving key solar challenges: limited efficiency, high land/labor costs, and reliance on foreign manufacturing, while producing panels that are 30-40% more powerful, use less energy to manufacture (about 10% per watt vs. silicon), and support decarbonization.[1][2][4][6] With $83-87 million raised from investors like Eclipse and Constellation Energy, plus government grants, Tandem PV is scaling toward commercial production in 2026, named among TIME's top GreenTech companies of 2025.[1][3][5]
Founded in 2016 in San Jose, California, Tandem PV emerged from breakthrough research by co-founder and CTO Colin Bailie, who as a Stanford doctoral candidate published the first peer-reviewed studies on perovskite-silicon tandem solar panels in the mid-2010s and developed the world's first such cell.[1][5][8] Bailie launched the company through Activate, the U.S. Department of Energy's startup accelerator, driven by a mission to restore U.S. solar manufacturing leadership amid growing global demand projected at $1 trillion annually.[1][6][8] Early traction included building a world-class team with solar manufacturing expertise, securing 16 government grants, and raising over $50 million in initial R&D funding, culminating in tablet-sized prototypes at 28% efficiency.[3][5][6]
Tandem PV rides the perovskite solar revolution, a decades-promising breakthrough now maturing to challenge silicon dominance amid surging renewable demand for net-zero goals.[1][2][6] Timing aligns with U.S. policy pushes for energy independence, like IRA incentives, countering China's 80%+ solar manufacturing share; domestic production creates jobs and secures supply chains.[1][3][4][8] Market tailwinds include utility-scale solar's cost pressures (80% from non-panel factors), where higher efficiency slashes land/infrastructure needs, plus falling perovskite production costs.[4][6] By commercializing durable tandems, Tandem PV influences the ecosystem, enabling faster decarbonization, boosting U.S. innovation via academic ties (Stanford, UNC), and paving for $1T market growth.[1][6][7]
Tandem PV is primed for 2026 commercial launch with its first U.S. production line, targeting utility-scale drop-ins and long-term offtake deals amid rising solar adoption.[4][5] Trends like AI-driven energy demand, policy support, and perovskite scaling will accelerate growth, potentially capturing share in a market hungry for 30%+ efficiency. Its influence could evolve from R&D pioneer to manufacturing leader, redefining U.S. solar economics and net-zero transitions—proving perovskite's promise through power, durability, and domestic scale.[1][3][5]
Tandem PV has raised $66.0M across 4 funding rounds. Most recently, it raised $4.0M Grant in July 2025.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Jul 17, 2025 | $4M Grant | California Energy Commission | — | Announced |
| Mar 1, 2025 | $50M Series A | Greg Reichow | BMW I Ventures, Eclipse Ventures, LUX Capital, Marco Demeireles, Constellation Technology Ventures, CSC Leasing, Planetary Technologies, PRIME Coalition, Stifel Bank, Uncorrelated Ventures | Announced |
| Jan 16, 2024 | $6M Venture Round | Planetary Technologies | TOM Werner, Uncorrelated Ventures | Announced |
| Apr 1, 2022 | $6M Series A | Bioeconomy Capital | Eclipse Ventures | Announced |
Tandem PV has raised $66.0M in total across 4 funding rounds.
Tandem PV's investors include California Energy Commission, Greg Reichow, BMW i Ventures, Eclipse Ventures, Lux Capital, Marco DeMeireles, Constellation Technology Ventures, CSC Leasing, Planetary Technologies, PRIME Coalition, Stifel Bank, Uncorrelated Ventures.