SoftBank Leads JPY1.5bn Investment in Next-Gen Solar Cell Maker PXP

Tokyo, Japan - PXP, a Japanese next-generation solar cell developer, announced on Wednesday it had raised JPY1.5 billion (US$10 million) in a Series A funding round led by SoftBank Corp, which invested approximately JPY1 billion (US$6.7 million) for a 29.9% stake.

The funding round attracted eight other investors, including SOLABLE, Kowa Optronics, Toyota Tsusho Corporation, and J&TC Frontier, a joint investment vehicle between JFE Engineering and Tokyo Century Corporation, along with Automotive Fund, Mitsubishi HC Capital, Yokohama Capital, and TARO Ventures.

The Sagamihara-based company is developing next-generation solar cells that combine perovskite and chalcopyrite technologies in a tandem structure. 

This will enable a theoretical energy conversion efficiency of approximately 42%, more than 1.5 times higher than conventional solar cells.

It is reported that the solar cells produced by PXP weigh only one-tenth of those of conventional solar panels. 

In addition, they claim that their research shows they are highly durable regarding flexibility, shock, and vibration. Therefore, it is expected to be cheaper to build in the market.

SoftBank, which has emerged as the lead investor, plans to use PXP's solar technology for data center power sources in line with its primary goal of reducing carbon footprint emissions. 

The telecommunications giant also envisions deploying the technology for portable base stations in disaster-affected areas and potentially integrating it into High-Altitude Platform Stations (HAPS).

SOLABLE, a founding investor of PXP since its establishment in July 2020, said the new funding would accelerate research and development for the commercialization of next-generation solar cells.

PXP aims to accelerate the practical implementation and mass production of its solar technology, creating a world where clean energy is accessible anytime, anywhere, and to anyone.

* US$1 = JPY150.12