Mitsubishi Electric’s ME Innovation Fund Invests in U.S. Startup Solestial

TOKYO--( BUSINESS WIRE )-- Mitsubishi Electric Corporation (TOKYO:6503) announced today that its ME Innovation Fund has invested in Solestial, Inc., a U.S.-based startup specializing in the development and production of solar cells for space applications using advanced silicon technology. This is the tenth investment that the fund has made to date.

In recent years, the miniaturization and cost reduction of satellites have resulted in rapid growth in the deployment of constellations in low Earth orbit. As the number of satellite launches continues to rise sharply, there is growing concern that the supply of solar cells, an essential component of satellites, will not be able to keep pace with demand.

Solestial develops and manufactures solar cells for space applications using silicon heterojunction technology. Compared to conventional products, these cells are expected to provide a wide range of advantages, including improved radiation resistance, reduced costs, quicker delivery, and decreased weight.
By investing in Solestial, Mitsubishi Electric aims to enhance the competitiveness of its space business by leveraging Solestial’s high-performance solar cell technology.

Margo de Naray, CEO, Solestial, Inc., said, “We are very pleased to partner with Mitsubishi Electric through their investment in our company. Our technology is very meaningful for the future of the space industry, and through our partnership with Mitsubishi Electric, we will further accelerate our technological development.”

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