Tandem PV, a manufacturer of perovskite-silicon solar panels, has acquired Oregon-based nexTC, a developer of thin-film metal oxide coating processes.

The acquisition will bring nexTC’s coating technology, intellectual property, and technical expertise into Tandem PV’s operations. Tandem PV said the transaction would give it greater control over a coating process used in its tandem solar panels as it expands its demonstration production line in Fremont, California, and prepares for commercial-scale manufacturing.

Founded in 2018, nexTC develops solution-based transparent oxide coatings. Tandem PV said the ultrathin coatings modify the movement of electrical charges while allowing sunlight to reach the silicon solar cell beneath it.

The transaction follows Tandem PV’s opening of a 65,000-square-foot commercial demonstration factory in Fremont. Its production line has approximately 40 MW of annual nameplate capacity and is producing large-format tandem solar panels for customer validation and market trials.

Tandem PV’s panel design combines a perovskite light-absorbing layer with a conventional silicon solar cell. The company said each material absorbs a different portion of the solar spectrum, allowing the panel to generate more electricity from a given surface area, which could reduce the land, labor, and infrastructure required per watt of installed solar capacity.

Tandem PV raised $50 million in Series A and debt funding in March 2025, which it planned to use to construct a commercial-scale manufacturing facility in the U.S. and accelerate adoption of its solar panels.

The company said it has raised $100 million through venture capital, debt, and government funding.

In 1H 2026, corporate M&A activity in the solar sector increased with 57 transactions compared to 50 transactions in the first half of 2025, as per the recently released Mercom’s 1H and Q2 2026 Solar Funding and M&A Report.