Perovskite is both a mineral and, more importantly, a crystalline structure that scientists can tune like LEGO blocks to drink in sunlight. Unlike silicon, which must be baked in power-hungry furnaces, perovskite films can be printed or sprayed at low temperatures onto glass, foil, or even plastic. Because the recipe is flexible—a tweak to the lattice here, a different halide there—engineers can tailor it to different slices of the light spectrum or stack it atop silicon in a “tandem” layer cake. The payoff is more electricity per square meter, lighter modules, and factories that look more like high-speed printing presses than chip fabs, potentially slashing both cost and carbon footprint.
Perovskite technology is a classic step-change story: it doesn’t just shave cents off today’s solar panels—it redraws the cost-performance curve. Silicon, after forty years of gains, is brushing up against its practical ceiling of ~26% efficiency. Add a few microns of perovskite and that ceiling jumps beyond 30%, squeezing more watts out of the same rooftop, desert array, or EV roof. Because perovskites are made with abundant, low-temperature processes, the capital needed for a gigawatt-scale factory is expected to fall 30–50% versus silicon lines. Profits come not from charging more per panel but from shipping the same square meters of glass with higher power baked in. Meanwhile, the chemistry’s adaptability opens markets that silicon struggles to reach—flexible building skins, solar windows, portable chargers—creating upside beyond the utility-scale battlefield.
In this report, we highlight the top perovskite stocks to watch in 2025, curated for exposure to tandem solar cells and next-gen photovoltaics across the value chain.
Why perovskite, why now?
Three catalysts have converged to make perovskite stocks compelling for forward-thinking investors:
- First, the science has cracked the efficiency code. Tandem solar cells—where a perovskite layer is stacked on top of a silicon base—are now regularly hitting 30% efficiency in pre-commercial formats. That’s a major jump over conventional panels, which typically top out around 22%. This shifts the conversation from “if” to “when” and shrinks the technology-risk premium.
- Second, the durability hurdle that once kept perovskites in the lab is being cleared. Last year saw the first shipment of perovskite-tandem modules to paying customers in North America and Europe, proving the technology can survive real-world heat, humidity, and ultraviolet punishment long enough to win bank financing.
- Third, the money and policy pieces are locking into place. For example, in the United States, the Inflation Reduction Act extends generous tax credits for both solar deployment and domestic manufacturing. Meanwhile, the Department of Energy is steering more than $40 million specifically toward thin-film and perovskite scale-ups.
Combine record efficiencies, proven field performance, and a burst of public and private capital, and perovskites are moving from promising science project to investable megatrend.
Pure-Play Perovskite Innovators
Pure-play perovskite innovators are the labs-to-startups crowd racing to ship the first bankable tandem modules. Think biotech in phase-two trials: thrilling data, zero margin for error. All remain private, so they aren’t perovskite stocks you can add to a brokerage account—exposure comes through venture rounds, strategic investors, or future IPO watchlists. Track their milestones anyway, because their breakthroughs set the tempo for the entire solar cost curve.
Oxford PV (Private)
HQ: UK; Pioneer in perovskite-silicon tandem cells with commercial shipments underway.
Oxford PV is a pioneer in perovskite solar, turning a decade of lab breakthroughs into real products. It’s the first to market with perovskite-on-silicon tandem cells, backed by a trove of patents and record efficiencies. In 2024, Oxford PV became the world’s first to ship commercial perovskite/silicon solar modules, proving its tech works outside the lab. Those early panels, made at its pilot line in Germany, deliver about 20% more energy than conventional silicon panels of the same size. That jump comes from a perovskite layer that siphons sunlight wavelengths that silicon leaves on the table.
Oxford PV’s strategy is to sell this performance boost to an industry hungry for higher efficiency. It’s scaling up a 100 MW line as a template for gigawatt factories by 2026. Critically, Oxford PV’s IP leadership has been validated by big players; it inked a landmark deal licensing its tech to China’s Trina Solar. In other words, even solar giants are paying for Oxford’s know-how. With a head start on reliability and a licensing model, Oxford PV sits at the center of the perovskite shift, combining first-mover advantage with a collaborative path to scale.
Swift Solar (Private)
HQ: USA; Perovskite tandem startup specializing in lightweight, high-efficiency cells.
Swift Solar is a U.S. startup chasing the “holy grail” of solar: efficient, lightweight tandem cells. It’s run by a braintrust from MIT, Stanford, and NREL, and it pursues a novel manufacturing twist. Founded in 2017, Swift has developed a new vapor deposition process to coat perovskite films continuously in minutes rather than via slow batch processes. This could crack a key scale-up challenge by slashing production time and cost. The company just raised $27 million in Series A funding (plus U.S. Department of Energy grants) to build its first factory on American soil. Swift’s pitch is compelling: tandem cells that outperform today’s best silicon, made with a fraction of the material and energy input.
Initially, it’s targeting niche, high-value markets – think solar-integrated EV roofs or satellites – where customers pay a premium for lightweight, high-output panels. This go-to-market buys time to prove durability. Swift is also one of the few U.S. pure-plays in perovskites, aligning with America’s push to reshore solar manufacturing. Backed by both venture capital and federal support, Swift Solar is betting that its process advantages will translate into real-world dominance when tandems hit mass production.
CubicPV (Private)
HQ: USA; Perovskite-silicon innovator pivoting from wafer tech to tandem modules.
CubicPV, formed by the merger of 1366 Technologies and Hunt Perovskite, has amassed a technological moat in both silicon and perovskite IP. After initially planning a huge U.S. wafer factory, the company pivoted in 2024 to focus squarely on its tandem module vision. While silicon wafer prices cratered, but the upside in cracking perovskite/silicon tandems remains enormous. CubicPV’s new strategy is to “invent a better panel” rather than chase commodity wafers. It has strong backing (Breakthrough Energy Ventures, utility partners, even First Solar), and a war chest that included over $100 million for expansion.
CubicPV could become a bridge between Western tech and global manufacturing: for instance, it forged a deal to supply next-gen cells to India’s Waaree, leveraging an Indian 2 GW production plan. In the lab, CubicPV’s recent collaboration with NREL produced a 24% efficient mini-module, a U.S. record. The company is also attacking the durability challenge head-on with outdoor tests and accelerated aging to prove tandem cells can last. With a robust patent portfolio and expertise from two solar fields, CubicPV aims to be a tandem trailblazer.
Tandem PV (Private)
HQ: USA; Silicon valley firm developing durable, high-efficiency perovskite-silicon panels.
Tandem PV is a Silicon Valley startup aptly named for its focus: stacking perovskite on silicon to create ultra-efficient solar panels. It has deep technical roots and a singular focus on durability. The co-founder and CTO literally built the world’s first perovskite-silicon tandem cell at Stanford, and the team has since raised over $80 million to scale up. In 2025 Tandem PV announced a $50 million funding round to construct a U.S. factory for its next-gen modules. It touts current panel efficiencies of 28%, with a roadmap to exceed 30% by late 2025. That’s roughly a third more power than standard panels, a huge leap in an industry that usually fights for tenths of a percent.
The company’s real ace, though, is making these gains practical: it uses a perovskite layer only microns thick, which takes just a sliver of the energy and materials needed for conventional cells. This implies cheaper, greener manufacturing if scaled. Tandem PV is positioned as part of a new wave of American solar manufacturing. By combining record-breaking performance with a plan for domestic, cost-efficient production, Tandem PV aims to lead the push of U.S. energy independence via better solar tech.
Critical Enablers & Suppliers
Critical enablers and suppliers form the industrial backbone—toolmakers, chemical giants, and film specialists whose parts and processes turn lab recipes into factory output. These established names sell picks and shovels across multiple sectors, so their earnings don’t hinge on a single solar milestone. As perovskite demand scales, orders for reactors, solvents, and barrier films could swell, giving these perovskite stocks a steadier, compounding growth profile rather than a binary boom-or-bust ride.
Aixtron SE (OTC: AIIXY)
HQ: Germany; Toolmaker enabling scalable thin-film deposition for perovskite production.
Aixtron isn’t a solar cell maker, but it could become the toolmaker that enables everyone else to make perovskite solar cells. A global leader in deposition equipment (MOCVD systems used for LEDs, lasers, and more), Aixtron possesses deep engineering prowess in thin-film manufacturing. Now it’s turning that expertise toward perovskites. For example, it co-leads the PeroBOOST project, working with top German labs to develop industrial methods for depositing perovskite thin films. The company is exploring both vacuum deposition and roll-to-roll coating techniques – approaches aimed at high throughput and uniformity, which are essential for low-cost, high-yield perovskite solar panels.
If perovskite solar tech takes off, manufacturers will need new equipment to coat large-area panels with precision multi-layer stacks. Aixtron aims to be ready with those solutions. Having maintained leadership through several semiconductor transitions (LED lighting, power electronics), Aixtron is well placed to capitalize on the next wave. The same know-how that builds atom-thin films for electronics can be applied to the complex architectures of tandem cells. As the only established deposition specialist deeply engaged in perovskite process development, Aixtron stands as a critical enabler behind the scenes.
Merck KGaA (OTC: MKKGY)
HQ: Germany; Specialty materials giant supplying chemicals for perovskite solar cells.
Merck KGaA is a 350-year-old German chemicals and materials powerhouse with a vast portfolio of advanced materials. In the perovskite realm, Merck has been quietly supplying critical ingredients and forming partnerships. It was an early provider of electrolytes and ionic liquids for next-gen solar cells, teaming up with pioneering developers like GreatCell (formerly Dyesol) to furnish the chemical building blocks for perovskites. Today, Merck’s “Electronic Materials” division is leveraging that expertise to create the purified reagents, charge-transport molecules, and encapsulation films that perovskite manufacturers need for high performance and longevity.
Every perovskite solar panel will require inks and coatings made with ultra-high purity – a space where Merck excels. The company is also investing in research to tackle perovskite pain points (like stability and lead handling), often in collaboration with academia (it even awarded a prize to a perovskite research luminary, Prof. Michael Saliba). In an industry likely to see many startups but few survivors, Merck’s stability and scale make it a likely constant: whichever solar upstart succeeds, they’ll probably be buying something from Merck’s catalog.
Ise Chemicals (TSE: 4107)
HQ: Japan; Iodine and halide supplier positioned as a key input source for perovskite cells.
Ise Chemicals is a lesser-known but pivotal player in the perovskite world, thanks to its command of specialty chemical production. This Japanese firm, in business since 1927, is one of the world’s top producers of iodine and metal compounds – elements at the heart of perovskite solar cells. The standard perovskite absorber requires high-purity lead iodide or similar halides, and few can make these at scale like Ise can. The company’s moat comes from decades of chemical refinement expertise; producing ultrapure metal halides isn’t trivial, and any impurities can shorten a solar cell’s lifespan.
As perovskite manufacturing ramps up, demand for reliable, high-quality precursors will follow; Ise aims to be the supplier of choice. It’s already showing up in industry collaborations (for example, with Zeon Corp for perovskite-based display tech) to explore perovskite’s relevance beyond just solar panels. Thus, Ise is an “arms supplier” akin to how Dow or DuPont were in the early silicon PV days – not flashy, but indispensable. Should perovskite solar fulfill its promise, Ise Chemicals would see a new market for its products.
Perovskite Solar Cell & Module Integrators
Perovskite solar cell and module integrators are today’s blue-chip manufacturers retrofitting existing lines with a high-octane perovskite layer. They already own global sales channels, warranty records, and the cash to absorb R&D hiccups, letting them sprint toward mass-market panels while de-risking the chemistry. These perovskite stocks offer the safest bridge to the technology: solid balance sheets and cash flows now, paired with a built-in call option on tandem efficiencies that can lift revenue per watt.
First Solar (NASDAQ: FSLR)
HQ: USA; Thin-film solar leader expanding into perovskite tandems via acquisition.
First Solar is the 800-pound gorilla of thin-film solar. The company already has proprietary CdTe technology, massive scale, and lowest-cost manufacturing in the U.S. – but it sees tandem perovskite tech as the logical next step to stay ahead. In 2023, First Solar made a bold move by acquiring Evolar AB, a European perovskite specialist. Evolar brought in a unique evaporation process to deposit perovskite layers on top of cells, which can boost output ~25% with minimal added cost. By bringing Evolar’s know-how in-house, First Solar’s plan is to eventually layer a perovskite film onto its CdTe cells, marrying two thin-film technologies for ultra-high efficiency.
Already, Evolar had demonstrated perovskite mini-modules that could potentially last 25 years when properly encapsulated – addressing the durability concern. First Solar’s strategy thus becomes one of offense and defense: it hedges against silicon-perovskite tandems by developing its own proprietary tandem that competitors can’t easily replicate. With a new $370 million R&D center and about 90 scientists focusing on advanced PV, First Solar is using its current cash flow to future-proof its moat.
Hanwha Solutions / Qcells (OTC: HQCLF)
HQ: South Korea; Solar heavyweight developing industrial-scale perovskite-silicon tandems.
Hanwha Solutions, via its Qcells division, is a solar heavyweight melding Korean manufacturing might with German research savvy – and it’s charging fast into the perovskite tandem race. In late 2024, Qcells announced a world-record 28.6% efficient perovskite-silicon tandem cell, notable because it was made on a commercial-size silicon wafer (M10 format). Just months later, in 2025, Qcells hit another milestone: its tandem modules passed rigorous IEC/UL stability tests (UV exposure, thermal cycling, damp heat) with flying colors. This was an industry first, proving that Qcells’ in-house perovskite top cell tech can handle real-world conditions, not just lab settings.
The company attributes this progress to its R&D pilot line in Germany, supported by government funds, where it’s using only mass-production-feasible processes. In essence, Qcells is de-risking tandem tech at production scale before anyone else, with plans to convert its existing silicon lines to tandem and a roadmap to manufacture in both Germany (with EU support) and Korea. By coupling perovskite innovation with its established quality in silicon PERC and Q.ANTUM cells, Qcells aims to be the first to offer bankable tandem panels, potentially as soon as 2026.
Sekisui Chemical (TSE: 4204)
HQ: Japan; Chemicals firm commercializing flexible, roll-to-roll perovskite solar films.
Sekisui Chemical, a Japanese plastics and chemicals company, is an unlikely solar contender. Yet it’s emerging as a dark horse in perovskite solar by developing film-type perovskite solar cells that are thin, lightweight, and flexible, unlike conventional rigid panels. The company has invested around ¥9 billion to set up a 100 MW pilot production line. Its strategy is to create new markets for solar, such as building facades, windows, and other surfaces where heavy silicon panels don’t work. The company is now testing these modules in real-life demos across Japan – on bank building windows, rooftops next to silicon panels, even agrivoltaic farms.
In essence, Sekisui is leveraging government backing (Japan’s METI has a roadmap for 20 GW of perovskite PV by 2040) and its own diversified business to potentially leapfrog into a new sector. If it succeeds, Sekisui could become a unique supplier of integrated solar films – think tinted solar windows or curvy wall-mounted panels – tapping applications traditional solar can’t. It’s a high-risk, high-reward play: Sekisui is essentially betting that its chemistry and manufacturing know-how can create a new category of solar product, giving it a first-mover advantage in a new high-margin niche.
Enel S.p.A. / 3Sun (OTC: ENLAY)
HQ: Italy; Utility giant scaling Europe’s largest perovskite-tandem module factory.
Enel, a global energy giant, is investing heavily to future-proof its 3Sun Gigafactory in Italy. The plan: ramp up today’s high-efficiency silicon cell (heterojunction) production, then convert to perovskite-silicon tandem cells by 2025-2026. Enel’s research partners at CEA in France have already hit a 30.8% tandem cell efficiency on a small area, surpassing the previous 28.4% mark. Such rapid gains suggest Enel is at the cutting edge of tandem R&D. The 3Sun factory, supported by EU and Italian funding, is set up to produce around 3 GW of panels annually, with tandem modules slated for market release by late 2025.
Enel is uniquely both a producer and an end-user of panels, so it has incentive to push efficiency (to get more energy from its projects) and to onshore manufacturing (for energy security). By bringing tandem tech to gigawatt scale in Europe first, Enel/3Sun aims to carve out a protected high-performance segment in a solar market otherwise dominated by Asian suppliers. It’s essentially creating a premium, “Made in EU” module product that could command higher margins.
JinkoSolar (NYSE: JKS)
HQ: China; Solar giant advancing perovskite-silicon tandem R&D for mass-market rollout.
JinkoSolar, one of the world’s largest solar manufacturers, is ensuring it won’t be left behind in the perovskite era. Known for its aggressive R&D, Jinko has already achieved eye-popping results in hybrid tandem cells – pairing perovskite with its latest silicon tech. In 2023, Jinko announced a 33.2% efficient perovskite/TOPCon cell, a lab record that grabbed headlines. While that was on a small cell, it telegraphed Jinko’s serious intent to push beyond silicon’s limits. The company’s moat is its scale and manufacturing: once a new cell structure proves itself, Jinko can integrate it and mass-produce like few others. It’s currently incorporating tandem R&D into its pilot lines, optimizing things like laser interconnections and improved encapsulation to handle perovskites.
Jinko also benefits from China’s vibrant perovskite ecosystem – universities and startups there are churning out improvements in stability and production methods, and Jinko can quickly absorb those advances. So while JinkoSolar built its brand on high-efficiency mono-Si panels, perovskite tandems are the logical next step to keep that competitive edge. With its global sales network and bankability, once Jinko masters a stable tandem process, it could scale it faster and cheaper than anyone.