Solestial Announces $17 Million Series A Funding Round to Expand Space Solar Manufacturing Capabilities
Solestial's technology offers an affordable, scalable approach to space solar power.
Tempe, Arizona based solar cell and solar power module manufacturer for space, Solestial, Inc., announced the closing of its $17M Series A funding round, led by AE Ventures and supported by new investors Crosscut Ventures, Zeon Ventures, and Mitsubishi Electric Corporation's ME Innovation Fund, with participation from existing investors Airbus Ventures, General Purpose Venture Capital, Industrious Ventures, Stellar Ventures, and Techstars. To date, Solestial has raised more than $29M+.
The recent funding round will help scale production of silicon photovoltaics to 1 megawatt per year, matching the combined capacity of US and EU III-V space solar companies. Solestial also aims to capitalize on market demand by expanding its workforce, scaling production, and qualifying its technology for multiple space missions.
Accompanying the announcement was the appointment of Margo de Naray, formerly Senior VP & GM of Space Products and Services at Astra, as Chief Executive Officer, with founding CEO, Stanislau Herasimenka, assuming the role of Chief Technology Officer.
De Naray joins Solestial amid strong momentum driven by growing market demand. “Space solar is a critical bottleneck in a rapidly growing industry with an ever-expanding set of missions—from national security to lunar exploration,” said Beckett Jackson, Partner at AE Ventures. “Solestial is uniquely positioned to serve spacecraft manufacturers with mass production of a lightweight, radiation-hardened solution at lower cost and a fraction of the lead time of the current standard.”
Solestial's unique ability to self-heal radiation damage provides a lightweight, cost-effective solution for spacecraft manufacturers. Solestial's solar cells are integrated into an ultrathin, low-mass, flexible solar power module, which can endure up to 10 years in various space environments. These flexible modules can be manufactured using automated processes, resulting in lower costs compared to traditional III-V multijunction solar products. With strong investor support and ongoing collaborations, Solestial is positioned to meet the growing demand in the space solar industry.