Swift Solar raises over USD 8m for perovskite tandem tech development

California-based Swift Solar on Tuesday said it has raised over USD 8 million (EUR 6.6m) in capital to fund the development of its perovskite tandem technology.

The company expects to close another USD 1.5 million in funding soon, bringing the total to USD 9.6 million.

The latest Series Seed 2 funding round was led by Sid Sijbrandij, CEO of the company behind software development application GitLab, and cryptocurrency expert James Fickel. A number of tech investors, finance professionals and angel investors also backed the company.

Swift Solar will use the cash to expand its research and development (R&D) capabilities, develop prototypes and expand its team.

The company's technology, which consists of multijunction, or tandem, structures of perovskite solar cells, is believed to have the potential to reach power conversion efficiencies of over 40%, up from the current limit of around 30%.

(USD 1.0 = EUR 0.820)

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