San Jose, Ca., US -- US photovoltaic (PV) technology startup Tandem PV Inc has achieved the initial USD-6-million (EUR 5.5m) close of its USD-12-million Series A financing round led by the Planetary Technologies fund of venture capital firm Bioeconomy Capital.

The San Jose, California-based company was established by Colin Bailie and Chris Eberspacher in 2016 as part of the Department of Energy’s exclusive Cyclotron Road accelerator.

The startup uses metal-halide perovskite/silicon tandems to upgrade silicon solar panels with the goal of reducing installed systems costs and significantly raising module manufacturing profit margins.

Tandem PV believes that its technology is poised to offer 50% higher efficiency than the average solar panel, while also lowering solar system costs by at least 30%.

It will use the proceeds from the funding round to build a pilot manufacturing facility in San Jose.

In addition to Bioeconomy Capital, Tandem PV was backed in this funding round by an international solar manufacturer and a US utility company, the names of which were not mentioned.