Flexell Space, a South Korean developer of next-generation space solar technology, closed a $20 million Series A funding round led by Korean institutional investors including Mirae Asset, Industrial Bank of Korea, and Korea Investment & Securities. The company, spun off from Hanwha Systems two years ago, has now raised roughly $25 million total and plans to use the capital for manufacturing scale-up, in-orbit demonstrations, and commercialization of flexible solar cells based on perovskite and CIGS technologies that offer lower weight and better radiation resistance than conventional space solar options.
The funding comes alongside a $7.1 million five-year government R&D project focused on tandem solar modules for space applications. Flexell is conducting radiation and thermal testing while pursuing partnerships with satellite makers and defense contractors; the company targets full-scale production by 2028 and aims to supply solar cells and arrays for communications satellites, space stations, orbital data centers, and lunar/Mars missions.