The round was led by Eclipse, with participation from Constellation Energy, Planetary Technologies, Uncorrelated Ventures, Trellis Climate, Tom Werner (former CEO of SunPower), Stifel Bank, CSC Leasing, and other existing and new investors. This investment will enable Tandem PV to construct a breakthrough commercial-scale manufacturing facility in the U.S., accelerating the adoption of its high-efficiency solar panels and allowing the U.S. to reduce its dependency on foreign manufacturers while increasing its energy security.

Tandem PV is driving the transition to a net-zero economy by developing state-of-the-art perovskite-based solar panels, which combine the durability and efficiency needed for broad scale deployment. The company will produce its solar panels domestically, to help the U.S. re-establish its energy industrial leadership and reduce dependency on foreign manufacturers. Its co-founder and CTO, Colin Bailie, developed the world's first perovskite-silicon tandem solar cell at Stanford University and launched the company through Activate, the U.S. Dept. of Energy startup accelerator.