Space solar panels maker Solestial raises USD 10m in fresh funds

US space solar panels developer Solestial Inc has closed an oversubscribed USD-10-million (EUR 10.2m) seed round led by the venture capital arm of European aircraft maker Airbus (EPA:AIR).

The fresh capital attracted will be used to boost production and customer engagement capabilities, as the company expands ground and flight testing, as well as for investments in research and development and go-to-market initiatives, the start-up said in a statement on Tuesday.

Apart from Airbus Ventures, other investors in the financing round included AEI HorizonX, GPVC, Stellar Ventures and Industrious Ventures.

“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,” Stanislau Herasimenka, co-founder and CEO of Solestial, noted in the statement.

Solestial, founded as Regher Solar at Arizona State University, develops ultrathin and lightweight silicon solar cells that can self-cure radiation damage at normal operating temperatures. The company claims that its solar panels can be produced at a 90% lower cost than traditional solar panels used in the satellite industry and are designed to achieve minimum degradation for up to 10 years in low Earth orbit.

The Tempe, Arizona-based firm has signed letters of intent (LOIs) with a range of commercial customers, including startups and major players in the defence sector, and has Small Business Innovation Research (SBIR) contracts with NASA, NSF and other government agencies.

(USD 1 = EUR 1.026)

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