Solestial Inc. (Solestial), a company engaged in cost-effective technology for the burgeoning space solar energy industry, announced on Tuesday the closing of an oversubscribed US$10 million equity financing led by Airbus Ventures. The round was joined by AEI HorizonX, GPVC, Stellar Ventures, Industrious Ventures, and others.
According to the company, Solestial’s solar panels can be produced at scale using automated production methods at 90% lower cost than solar panels widely used by the satellite industry. Solestial’s silicon photovoltaic technology, specifically made for space, delivers orbital reliability of at least 10 years in low Earth orbit (LEO). Economical solar panels with scalable manufacturing capability are critical to meeting the demand of the satellite industry, which is projected to grow from 5000 operational satellites to 100,000 or more by 2030, a 40% compound annual growth rate.
The new funding for Solestial will be used to ramp up production and customer engagement capabilities, as the company expands ground and flight testing in parallel. Additional investments in research and development and go-to-market functions are planned.
Solestial’s technology has been under development for more than a decade, beginning its life at Arizona State University where the company was first conceived as Regher Solar. The company’s silicon solar cells are ultrathin and lightweight, self-curing radiation damage at normal operating temperatures of 176°F (80°C) or below, without additional hardware requirements. This self-curing capability allows Solestial cells to achieve minimum degradation over decades of life in space. The new approach to radiation hardening also enables proprietary packaging technology, resulting in a thin, lightweight panel that’s optimized for long missions in LEO.
Solestial believes that its technological breakthroughs and value proposition are unlocking tremendous commercial demand. In just the last year, the company signed letters of intent totaling hundreds of millions of dollars with a variety of commercial customers, ranging from startups to major defense primes. This new commercial demand builds on a foundation of more than US$2.5 million in SBIR contracts with NASA, NSF, and other government agencies.
“Looking ahead, Solestial is uniquely positioned to enable long-lasting, highly efficient infrastructure for Earth orbit, cislunar space, and operations on the Moon itself, helping unlock the energy and resources of our whole planetary system for the benefit of life on Earth,” said Stanislau Herasimenka, co-founder and CEO of Solestial.
