Solar panel startup Active Surfaces secures $5.6m funding to revolutionize solar technology

Solar panel startup Active Surfaces secures $5.6m funding to revolutionize solar technology

Published: 14-05-2024 11:45:00 | By: Pie Kamau | hits: 502 | Tags:

Active Surfaces, an innovative flexible solar panel startup spun out from MIT, has raised $5.6 million in an oversubscribed pre-seed funding round. The round was led by Safar Partners, a prominent deep tech venture capital fund. Additional participants - including QVT, Lendlease, Type One Ventures, Umami Capital, Sabanci Climate Ventures, New Climate Ventures, SeaX Ventures, and others - reflect a diverse support base ranging from institutional VCs to corporate backers.

Active Surfaces is pioneering the next generation of solar technology with its lightweight, flexible solar panels that can be integrated into virtually any surface. Unlike bulky traditional solar panels, Active Surfaces' technologies will seamlessly blend into everyday environments, from small consumer products that can go anywhere to large commercial, office, and industrial buildings.

Richard Swartwout, Co-founder and CTO, Active Surfaces: "We are thrilled to see such strong support from our investors. This funding will enable us to expand our R&D efforts, scale up production, and bring our cutting-edge solar solutions to market more rapidly."

Swartwout said the company's flexible, thin film "solar 2.0" technologies will deliver dramatically higher efficiency, lower costs, and greater versatility than today's heavy, rigid solar panels. With its initial funding, Active Surfaces will scale its laboratory-fabricated 4-by-4-inch photovoltaic devices with breakthroughs in industrial roll-to-roll semiconductor printing technologies enabling mass production of thin, flexible solar materials of any size.

The company has been bolstered by recent additions to its team, including Jeremiah Mwaura, a PhD in Materials/Chemistry with more than a decade of experience in advanced roll-to-roll manufacturing, as well as skilled scientists and engineers from leading institutions such as Stanford UniversityRice UniversityUniversity of Pittsburgh, and MIT.

Active Surfaces participates in the Go Build startup accelerator program with Saint Gobain through Greentown Labs and is supported by premier climate tech incubators such as Third Derivative, ACCEL, Swissnex Climate Collider, Cleantech Open, and Venture for ClimateTech. Additionally, Active Surfaces co-founder Shiv Bhakta, MIT MS/MBA, was recently featured in Forbes 30 Under 30 2024 in Energy. And advisor Moungi Bawendi, Lester Wolfe Professor of Chemistry at MIT, was awarded a Nobel Prize in Chemistry in 2023.


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