Tandem PV on Inaugural List of 50 Climate Tech Companies Likely to Significantly Drive Carbon Reductions by 2050

Illustrious 50 by 2050 list is part of a new report published by Congruent Ventures and Silicon Valley Bank

SAN JOSE, Calif.--(BUSINESS WIRE)--Tandem PV, a pioneering force in American perovskite solar technology, has been included in an illustrious list of 50 private climate tech companies with strong potential to significantly drive carbon reduction over the next 25 years. The inaugural 50 by 2050 list, unveiled in a new report published by Congruent Ventures and Silicon Valley Bank, of which Tandem PV is a client, includes other such innovators as Commonwealth Fusion Systems, Impossible Foods, Redwood Materials, Sila and TerraPower.

"Tandem PV is honored to be recognized and selected for the 50 by 2025 list as a leading carbon-reduction player by Congruent Ventures and Silicon Valley Bank," said Tandem PV CEO Scott Wharton. "Our disruptive perovskite technology has the potential to produce solar panels that are up to 40% more powerful than average silicon modules. Our mission from the start has been to meet the urgent imperative for a swift global transition to net zero."

The report's authors surveyed over 50 experts in academia, finance and private-sector business to assemble the 50 by 2025 list, analyzing thousands of North American startup companies categorized into manufacturing, energy, building and mobility, food and agriculture sectors.

Tandem PV, founded in the Silicon Valley in 2016, has raised $33 million in venture capital and government funds to date. Nearing commercialization of its advanced perovskite-tandem solar panels, Tandem PV plans to launch its first factory by 2026. It has consistently received feedback from industry leaders that its technology already offers superior efficiency, affordability and durability compared to competitors.

"While climate change is daunting," the report's authors note, "we are encouraged by the entrepreneurial energy that is rising to meet the challenge. Climate companies are attracting tremendous talent and are developing breakthrough solutions backed by significant funding."

About Tandem PV:

Tandem PV is driving the transition to a net-zero economy by developing state-of-the-art perovskite-based solar panels. The company is committed to the production of highly efficient and durable solar technology suited for broad-scale deployment. Its co-founder and CTO, Colin Bailie, developed the first perovskite-silicon tandem solar cell at Stanford University and launched the company through Cyclotron Road, the U.S. Dept. of Energy startup accelerator supporting innovations with potential for global commercial impact. Tandem PV has raised a total of $33 million in venture capital and government funds.

About Silicon Valley Bank:

Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of innovative companies and investors. With 40 years of dedication to this sector, SVB is more experienced serving investors and innovation clients than any other financial services provider. Our entire business, from our solutions and technology to our credit policy and beyond, was purpose-built for high-growth companies and investors and delivered at the speed they require.

About Congruent Ventures:

Congruent Ventures is a venture capital firm that seeks to invest in mobility and urbanization, energy transition, food and agriculture, and sustainable production and consumption sectors. We look for technology companies that will positively impact our energy and resource consumption. If we see an opportunity to partner with a like-minded team focused on scale across hardware, software, or services, we’re interested.