![Swift Solar, with Backing from Italy’s Eni, Raises Tech Financing](/sites/default/files/styles/hart_news_article_image_640/public/image/2024/06/swift-solar-backing-italys-eni-raises-tech-financing.jpg?itok=kpg_lewl)
(Source: Shutterstock.com, Swift Solar)
Swift Solar closed its $27 million Series A financing round, advancing the U.S.’ manufacturing of perovskite solar technology, the company said on June 12.
The round was co-led by Eni Next, the capital arm of Italian integrated energy company Eni, and deeptech firm Fontinalis Partners. New investors in the round also include Standford University, Good Growth Capital, HL Ventures, among others.
In total, Swift raised $44 million for its mission to transform the solar energy landscape with perovskite tandem solar projects.
“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,” said Joel Jean, Swift co-founder and CEO.
Perovskite is a mineral composed of calcium titanate that can help with efficient solar energy use and decrease the cost of solar energy by up to 30%, Swift said.
The company added that the solar industry is reinforcing perovskite as a “groundbreaking” photovoltaic technology.
“Perovskite solar cell production involves less material and less energy, which will drive down manufacturing costs and carbon pollution,” Swift said.
Recommended Reading
Air Liquide Closes African Divestitures to Adenia Partners
2024-07-23 - Air Liquide’s transaction with Adenia Partners represents total annual sales of approximately 60 million euros (US$65.12 million), less than 10% of Air Liquide’s sales in Africa.
Chevron to Divest 20% Interest Offshore Suriname to QatarEnergy
2024-07-23 - Chevron Corp. will divest a 20% interest to QatarEnergy in a production sharing contract related to Suriname offshore Block 5.
Marketed: Berlin Resources’ Anadarko Basin Opportunity
2024-07-22 - Berlin Resources has retained EnergyNet for the sale of an Anadarko Basin opportunity in the Montgomery 18/19 BO #1H, located in Ellis County, Oklahoma.
Archrock to Buy NatGas Compression Firm TOPS for $983MM
2024-07-22 - The acquisition of Total Operations and Production Services will increase Archrock's compression capacity by 30% to nearly 2.2 million operating horsepower.
3R, Enauta Merge to Create Large Brazilian Independent
2024-05-21 - 3R Petroleum Óleo e Gás SA and Enauta Participações SA will combine into a new entity with production that exceeds 100,000 boe/d and compete head-to-head with Brazilian producer Prio, according to Wood Mackenzie.