Solestial Secures $17M Series A Funding to Scale Space Solar Production
Solestial, Inc., a company focused on providing solar energy solutions for space applications, has secured $17 million in funding through the Series A round led by AE Ventures.
The round also includes other investors such as Airbus Ventures, General Purpose Venture Capital, Industrious Ventures, Stellar Ventures, Techstars, Crosscut Ventures, Zeon Ventures, and Mitsubishi Electric Corporation’s ME Innovation Fund.
This funding will allow the company to expand its manufacturing capacity of silicon photovoltaics to 1 megawatt annually, a rate that is comparable to the estimated combined annual capacity of all U.S. and E.U. III-V space solar manufacturers.
In addition to the raise, the company also has appointed Margo de Naray as its new Chief Executive Officer. According to the company, De Naray will bring a wealth of experience to the role as she previously served as Senior VP & GM of Space Products and Services at Astra.
She has experienced 20 years in commercial and operations management within high-growth, high-tech environments, making her a good one to lead Solestial through its next phase of expansion.
Meanwhile, Stanislau Herasimenka, the company’s founding CEO, will transition to the role of Chief Technology Officer, allowing him to concentrate on advancing Solestial’s product roadmap and further developing its operational technology.
According to investors, the company’s product differentiation and operational momentum are reasons for it to participate in the fund round.
Beckett Jackson from AE Ventures also highlights the company’s unique role in the spacecraft manufacturing industry as Solestia offers numerous production of lightweight, radiation-hardened solar solutions at a lower cost and a faster delivery time rather than the existing standard.
To date, Solestial is the only one among space solar manufacturers that has the ability to self-recover in front of radiation, an important feature to maintain performance and longevity in the harsh space environment. Therefore, this allows producers of spacecraft to lower cost and weight but does not impact energy needs or overall performance.
Founded in 2023 in Tempe, Arizona, the US company manufacturing solar cells and flexible solar power modules has expanded its manufacturing factory with more than doubled its employees and has delivered products to multiple organizations.
Furthermore, the recent funding and management changes are expected to expand its impact in the space energy industry.
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