Kyoto-based EneCoat develops and manufactures perovskite solar cells, a lightweight, flexible and efficient alternative to standard silicon cells. EneCoat’s $34.1 million Series C round was backed by Toyota’s Woven Capital, INPEX and Mitsubishi HC Capital. SPARX Asset Management and Kyoto University Innovation Capital also invested.
Perovskite technology has generated excitement because it is made from readily available materials, operates in low-light conditions, and is less energy-intensive to manufacture than silicon-based cells. The adaptability could expand solar power uses, including for Internet-connected devices, mobility and consumer electronics. And perovskite solar’s relative ease and lower cost to manufacture could help lessen dependence on solar technologies from China.
SPARX’s Takaki Demichi noted perovskite solar’s “high potential to contribute to the realization of carbon neutrality.”
Other startups including Caelux Corp., Beyond Silicon, and Tandem PV in the US, Oxford PV in Germany, are integrating perovskites with traditional silicon-based cells to boost their performance.
The technology represents just $120 million of the fast-growing $254 billion solar market. The challenges hampering commercialization include translating scalable manufacturing processes out of the lab.
