Swift Solar, a San Carlos, CA-based solar technology company, raised $27M in Series A funding.
The round was led by Eni Next and Fontinalis Partners. Other investors included Stanford University, Good Growth Capital, BlueScopeX, HL Ventures, Toba Capital, Sid Sijbrandij, James Fickel, Adam Winkel, Fred Ehrsam, Jonathan Lin, and Climate Capital also participated.
The company intends to use the funds to accelerate the scaling of its technology as they prepare to break ground on their first factory.
Led by CEO Joel Jean, Swift Solar is a solar technology company developing perovskite photovoltaics. It is a spinout of MIT, Stanford University, and the National Renewable Energy Laboratory (NREL).
Commenting on the news, Joel Jean said: “Our advanced perovskite solar cells can outperform anything currently available on the market. People may not realize that solar manufacturing today is concentrated in China and Southeast Asia. Swift Solar will bring advanced solar manufacturing back to the U.S. and strengthen our domestic renewable energy sector. This is an unprecedented opportunity to reshape the global solar industry. With this round, we’re excited to partner with world-class deeptech and strategic investors to take Swift to the next level.”
