The next-generation space solar cell company Flexell Space announced that it has completed a Series A funding round worth KRW 25 billion. Achieved roughly two years after its founding, this investment validates Flexell Space’s space solar cell technology and its market growth potential.

Participating in this round as follow-on investors were existing shareholders Intervest, L&S Venture Capital, and Quad Ventures. New investors included Mirae Asset Venture Investment·Mirae Asset Capital, IBK Industrial Bank of Korea, NH Venture Investment, IBK Investment & Securities·Seoul Z Venture Capital, Korea Investment & Securities, and Korea Credit Guarantee Fund. Having started as an in-house venture of Hanwha Systems before being spun off, Flexell Space has now secured a cumulative total of approximately KRW 30 billion in funding, including its Pre-A round.

Flexell Space develops high-efficiency, ultra-lightweight, flexible solar cell solutions based on perovskite and CIGS. The next-generation solar cells under development are characterized by being lighter, easier to scale to large areas, and more cost competitive than existing space-grade gallium arsenide solar cells. Compared with silicon solar cells, they are more flexible and lighter while also offering resistance to space radiation, extreme temperatures, and atomic oxygen (ATOX). They can be applied across the space and aviation sectors, including satellites, high-altitude unmanned aerial vehicles, space stations, space data centers, and exploration probes. The company is currently verifying product reliability through in-space demonstrations and environmental testing via the Nuri launch vehicle and the International Space Station (ISS).

Recently, the company was also selected as the lead institution for the national R&D project “Development and Verification of Low-Cost, High-Efficiency Space Tandem Modules,” a five-year program with a total budget of KRW 10.7 billion promoted by the Korea Institute of Energy Technology Evaluation and Planning (KETEP). With this, Flexell Space has secured both Series A capital and government R&D funding, enabling it to pursue technology development, product commercialization, internalization of key processes, and the establishment of a mass-production base. The investment will be used for the introduction of core equipment, upgrading of pilot manufacturing facilities, and the supply of samples to global customers.

Flexell Space CFO Lee Geosan stated, “This funding round indicates that Flexell Space’s technology and business have entered the stage of commercialization and mass-production preparation,” adding, “Based on national project funding and private investment, we will simultaneously advance space-environment validation and mass-production infrastructure, and accelerate commercialization so that our R&D achievements lead directly to actual product supply and revenue.”

He continued, “As demand for new space infrastructure grows, such as the expansion of low Earth orbit communications networks and the scaling up of satellites, the need for next-generation space power sources that combine light weight with price competitiveness is increasing,” and added, “We will accelerate the internalization of key processes and strengthen our competitiveness in the space energy sector.”

Going forward, Flexell Space plans to expand cooperation with domestic and overseas satellite manufacturers and space system companies, and aims to begin full-scale mass production after 2028, pursuing the supply of space solar cells and positioning itself to respond to the future space infrastructure market.

Popular News