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Solestial scientists develop photo voltaic panels at 90 % decrease price
Financing to Accelerate Delivery of Breakthrough Scalable Solar Technology for Space at One-Tenth Cost of Conventional Technology
— Stanislau Herasimenka, co-founder and CEO of Solestial
TEMPE, ARIZONA, UNITED STATES, October 11, 2022 /EINPresswire.com/ — Solestial, Inc. (“Solestial”), the photo voltaic vitality firm for house, immediately introduced the closing of an oversubscribed $10M fairness financing led by Airbus Ventures. The spherical was joined by AEI HorizonX, GPVC, Stellar Ventures, Industrious Ventures, and others.
Solestial’s photo voltaic panels might be produced at scale utilizing automated manufacturing strategies at 90 % decrease price than photo voltaic panels extensively utilized by the satellite tv for pc business. This best-in-class silicon photovoltaic know-how, optimized for house, additionally delivers orbital reliability of a minimum of 10 years in low Earth orbit (LEO). Economical photo voltaic panels with scalable manufacturing functionality are vital to assembly the demand of the satellite tv for pc business, which is projected to develop from 5,000 operational satellites to 100,000 or extra by 2030, a 40% CAGR.
The new funding for Solestial will likely be used to ramp up manufacturing and buyer engagement capabilities, as the corporate expands floor and flight testing in parallel. Additional investments in R&D and go-to-market capabilities are deliberate.
“We’re on a mission to become the solar energy company for space, and this capital will help us dramatically accelerate delivery of our breakthrough technology at scale,” mentioned Stanislau Herasimenka, co-founder and CEO of Solestial. “We deeply and humbly appreciate the vote of confidence from each of the investors in this extremely strong syndicate led by Airbus Ventures, and we couldn’t be more excited to roll up our sleeves and get to work on this important next phase.”
Solestial’s know-how has been beneath growth for greater than a decade, starting its life at Arizona State University the place the corporate was first conceived as Regher Solar. The firm’s high-efficiency silicon photo voltaic cells are ultrathin and light-weight, self-curing radiation injury at regular working temperatures of 80ºC or under, with out further {hardware} necessities. This breakthrough self-curing functionality, unmatched within the business, permits Solestial cells to realize minimal degradation over many years of life in house. The new method to radiation hardening additionally allows modern proprietary packaging know-how, leading to a skinny, light-weight panel that’s optimized for lengthy missions in LEO.
Solestial’s technological breakthroughs and superior worth proposition are unlocking great business demand. In simply the final 12 months, the corporate has signed letters of intent (LOIs) totaling lots of of tens of millions of {dollars} with quite a lot of business prospects, starting from startups to main protection primes. This new business demand builds on a basis of greater than $2.5 million in SBIR contracts with NASA, NSF, and different authorities companies.
“We are at a new inflection point for the aerospace and the energy industries,” mentioned Mat Costes, Partner at Airbus Ventures. “We’re excited to welcome the team at Solestial into our vibrant community of entrepreneurs working to advance breakthrough technologies to help solve critical, near-term planetary challenges.
“From the start of our diligence process, we were instantly impressed by Solestial’s solar cell technology, and we’re proud to be leading this impressive syndicate on a mission to help deliver advanced, lightweight, cost-effective solutions that power the new space economy,” Costes mentioned.
Herasimenka added, “Looking ahead, Solestial is uniquely positioned to enable long-lasting, highly efficient infrastructure for Earth orbit, cislunar space, and operations on the Moon itself, helping unlock the energy and resources of our whole planetary system for the benefit of life on Earth.”
About Solestial, Inc.
Solestial, Inc. is the photo voltaic vitality firm for house. Solestial’s core know-how is a breakthrough ultra-thin silicon photo voltaic cell that may self-cure radiation injury at regular working temperatures in house, packaged in a versatile, light-weight panel designed to realize minimal degradation for as much as 10 years in LEO. Solestial panels might be mass-produced utilizing automated machines leading to prices 90% decrease than incumbent applied sciences, with just about limitless manufacturing capability. From immediately’s satellite tv for pc constellations and analysis tasks to tomorrow’s utility-scale vitality infrastructure and companies in house, Solestial is powering the brand new house economy.
About Airbus Ventures
Headquartered in Silicon Valley, with places of work in Toulouse and Tokyo, Airbus Ventures is a fast-moving, early-stage enterprise capital firm that independently funds and helps startups set to shift each the aerospace business and our planetary system to a sustainable future. Airbus Ventures has helped aspiring innovators attain new dimensions of accomplishment since 2015.
Luke Keding
HKA Marketing Communications
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