Swift Solar Secures Over $8M in Series Seed 2 Funding

16/12/2020

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California: Solar PV technology company Swift Solar announced today that it secured more than $8 million in Series Seed 2 funding, with an additional $1.5 million expected to close soon, for a total of $9.6 million. The round was led by GitLab CEO Sid Sijbrandij and cryptocurrency expert James Fickel. Other participants in the round include climate tech and deep tech investors Good Growth Capital, Safar Partners, Climate Capital, Jack Fuchs, and Sierra Peterson, crypto and finance professionals Jonathan Lin, Grant Hummer, and Ethereum creator Vitalik Buterin, and a diverse group of angel investors. The funding round will be used to expand R&D capabilities, develop prototypes, and grow the Swift Solar team.

“Today’s industry leaders recognize that perovskite technology represents new possibilities for the future of solar,” said Co-Founder and CEO Joel Jean. “The Swift Solar team is working nonstop to make solar panels more affordable, more efficient, and easier to install. With this funding, we can move faster on our path toward powering tomorrow’s zero-emissions vehicles and power grids with high-performance solar.”

Swift Solar—recently recognized by a joint R&D 100 Award with the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL)—has raised over $16 million in equity financing to date. The company is also supported by non-dilutive funding from the National Science Foundation, the U.S. Department of Energy, and the Office of Naval Research.

“We have to accelerate innovation to limit climate change,” said Sijbrandij. “Swift Solar’s cutting-edge solar technology is an important piece of the puzzle, and the Swift team is second to none. I’m proud to help accelerate their work so it can meet the urgency of the moment.”

“Swift Solar’s groundbreaking perovskite technology was created by incredible scientists who have deep expertise in how to make solar work better for cheaper,” said Fickel. “This is the company I trust to take solar power to the next level.”