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AEI HorizonX Invests in
Solestial as part of its Oversubscribed $10M Seed
Round
Nov. 16, 2022
AEI HorizonX, AE Industrial
Partners' venture capital investment platform formed
in partnership with The Boeing Company, announced an
investment in Solestial, Inc. ("Solestial" or the
"Company"), a solar energy company for space. AEI
HorizonX invested alongside Airbus Ventures, GPVC,
Stellar Ventures, Industrious Ventures, and others
in the $10 million oversubscribed seed round. This
also marked the first investment from AEI HorizonX's
second venture fund ("Fund II"), which supports
promising start-ups in future mobility, space,
sustainability, digital enterprise applications,
networks, and security.
Solestial's solar panels can be
produced at scale using automated production methods
at 90 percent lower cost than solar panels widely
used by today's satellite industry. This
best-in-class silicon photovoltaic technology, which
is optimized for space, also 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 5,000 operational satellites to 100,000
or more by 2030, a 40% CAGR.1 Solestial will use the
fresh capital to ramp up production and customer
engagement capabilities as the company expands
ground and flight testing in parallel, and also
plans additional investments in R&D and go-to-market
functions.
"Solestial is on a mission to
become the solar energy company for space, and
investment from AEI HorizonX will help us scale our
breakthrough technology quickly and efficiently,"
said Stanislau Herasimenka, co-founder and CEO of
Solestial. "We deeply and humbly appreciate the
support of the AEI HorizonX team, and we couldn't be
more thrilled to get to work on this essential next
phase."
"We are excited to partner with
the Solestial team as they look to change the
paradigm for satellite manufacturers and usher in a
new era of space-based power generation," said Brian
Schettler, Partner and Head of AEI HorizonX.
"Solestial's combination of unique technology, a
skilled team, and strong customer focus are
hallmarks of the companies we aim to partner with in
Fund II."
AEI HorizonX Fund II is focused
on partnering with founders transforming aerospace
and industrial markets – including those focused on
mobility, space, sustainability, enterprise digital
applications, networks and security. Fund II is a
new $250M venture fund open to a broader set of
limited partners, formed in partnership with private
equity firm, AE Industrial Partners, and anchored by
a $50 million investment from the Boeing Company.
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 high-efficiency silicon solar cells are
ultrathin and lightweight, self-curing radiation
damage at normal operating temperatures of 80°C or
below, without additional hardware requirements.
This breakthrough self-curing capability, unmatched
in the industry, allows Solestial cells to achieve
minimal degradation over decades of life in space.
The new approach to radiation hardening also enables
innovative proprietary packaging technology,
resulting in a thin, lightweight panel that is
optimized for long missions in LEO.
Solestial's technological
breakthroughs are unlocking tremendous commercial
demand. In just the last year, Solestial has signed
letters of intent (LOIs) 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 $2.5 million in SBIR
contracts with NASA, NSF, and other government
agencies.
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