Tandem PV Acquires nexTC to Strengthen Perovskite-Silicon Solar Manufacturing Capabilities

US solar technology company Tandem PV has completed the acquisition of nexTC Corporation, an Oregon-based thin-film coating technology developer, in a strategic move aimed at strengthening its manufacturing capabilities for next-generation perovskite-silicon tandem solar modules.

Through the acquisition, Tandem PV will bring nexTC’s advanced coating technology, intellectual property, and technical expertise in-house, allowing the company to gain greater control over a critical manufacturing process involved in the production of tandem solar cells. The acquired technology focuses on transparent metal oxide coating processes, which play an important role in the development and manufacturing of perovskite-silicon tandem photovoltaic devices.

The financial terms of the transaction were not disclosed. However, the acquisition represents an important step in Tandem PV’s efforts to transition its proprietary tandem solar technology from laboratory development toward commercial-scale manufacturing. By integrating nexTC’s coating capabilities into its production platform, the company aims to further enhance manufacturing efficiency and accelerate the deployment of high-performance solar modules.

The deal follows Tandem PV’s recent opening of a 65,000-square-foot (6,039-square-meter) demonstration factory in Fremont, California. The facility includes a production line capable of manufacturing approximately 40 MW of solar panels annually and is currently being used to produce large-format tandem modules for customer validation and market testing.

Founded in 2018 as a spinout from a research center at Oregon State University supported by the US National Science Foundation, nexTC specializes in solution-based transparent oxide coatings for thin-film applications. The company’s expertise in advanced coating technologies will now be integrated into Tandem PV’s manufacturing ecosystem, supporting the company’s roadmap toward commercial production of perovskite-based tandem solar products.

As part of the acquisition agreement, nexTC founder and CEO Cory Perkins will join Tandem PV. Perkins said that after collaborating with Tandem PV on multiple projects, he recognized the company’s ability to combine scientific innovation with practical manufacturing capabilities, providing an opportunity to directly integrate nexTC’s coating technology into a commercial-scale production platform.

Tandem PV’s technology combines a perovskite layer with conventional silicon solar cells to increase electricity generation from the same panel area. By improving module efficiency, the technology has the potential to reduce land requirements and infrastructure needs for future solar installations while increasing overall energy output.

The company has continued to attract investment and industry attention as it advances toward commercialization. Tandem PV recently appointed former US Energy Secretary Jennifer Granholm to its board of directors and has raised approximately USD 100 million (EUR 86.7 million) through a combination of venture capital, debt financing, and government funding.

The acquisition of nexTC highlights the growing focus within the solar industry on strengthening domestic manufacturing capabilities and accelerating the commercialization of advanced photovoltaic technologies. By combining Tandem PV’s perovskite-silicon tandem platform with nexTC’s specialized coating expertise, the companies aim to advance the development of more efficient and scalable solar solutions for the future energy market.