Tandem PV, a California-based photovoltaic technology company specializing in ultra-high-efficiency tandem metal-halide perovskite solar panels, has closed the initial $6 million of its $12M Series A financing round. The round was led by Bioeconomy Capital, an early-stage venture capital firm, through its new Planetary Technologies fund, with participation from an international solar manufacturer and a U.S. utility company. Tandem PV will use the funds to build a pilot manufacturing facility in San Jose, Calif.

“Our mission is to find scalable Planetary Technologies that can help the world mature beyond fossil fuels at the pace necessary to avoid unsustainable warming,” says Rik Wehbring, managing director of Bioeconomy Capital and a board member at Tandem PV. “Tandem PV is commercializing transformative technology that achieves this goal.”

“We have tremendous market pull from residential solar installers, end users, equipment distributors and utilities – the industry is ready for more sustainable, efficient and cost-effective solar panels,” says Colin Bailie, co-founder and CEO of Tandem PV.

Tandem PV transforms silicon solar panels into high-efficiency tandems by leveraging perovskite-coated front glass via a drop-in manufacturing replacement. This solar panel technology is poised to offer 50% higher efficiency than the average solar panel and drive solar system costs down by 30% or more.

“The cost and performance improvements expected by Tandem PV’s technology will enable substantially higher photovoltaic penetration worldwide, potentially offsetting three gigatons of CO2 equivalent per year,” adds Chris Eberspacher, co-founder and managing director of Tandem PV. “Tandem PV is on a fast track to develop, demonstrate and commercialize perovskite and silicon tandem solar panels for homes across the United States and worldwide.”