Flexell Space raises $20 Million in Series A round
UIWANG, South Korea, July 14 - FLEXELL SPACE, a developer of next-generation space solar solutions, announced that it has completed a $20 million Series A funding round.
Completed approximately two years after the company's founding, the investment reflects strong confidence from leading Korean investors in FLEXELL SPACE's technology and growth potential in the global space market.
Existing investors InterVest, L&S Venture Capital, and QUAD Ventures made significant follow-on investments. New investors included Mirae Asset Venture Investment, Mirae Asset Capital, Industrial Bank of Korea, NH Venture Investment, IBK Securities–Seoul ZV, Korea Investment & Securities, and the Korea Credit Guarantee Fund.
FLEXELL SPACE originated as an in-house venture of Hanwha Systems. Following its spin-off, the company raised approximately $4 million in a Pre-Series A round from Hanwha Systems, LK Chem, InterVest, L&S Venture Capital, and QUAD Ventures. Including the latest round, the company has secured approximately $25 million in cumulative funding.
FLEXELL SPACE develops high-efficiency, ultra-lightweight, and flexible solar solutions based on perovskite and copper indium gallium selenide (CIGS) technologies. Its next-generation solar cells are designed to provide lower weight, greater scalability, and improved cost competitiveness compared with conventional gallium arsenide space solar cells.
Compared with silicon solar cells, the technology is also flexible and lightweight while offering strong resistance to radiation, extreme temperatures, and atomic oxygen. Applications include civil and defense communications and observation satellites, high-altitude unmanned aerial vehicles, space stations, orbital data centers, and lunar and Mars exploration systems.
The company is conducting in-orbit demonstrations through South Korea's Nuri launch vehicle program and the International Space Station. It is also performing radiation, thermal-vacuum, thermal-cycling, and light-stability testing, while expanding partnerships with global defense companies, satellite manufacturers, and space system providers.
FLEXELL SPACE was recently selected as the lead organization for a major national R&D project supported by the Korean government and the Korea Institute of Energy Technology Evaluation and Planning (KETEP). The five-year, approximately US$7.1 million project will focus on developing and validating low-cost, high-efficiency tandem solar modules for space applications.
The combination of Series A capital and government R&D funding provides a strong financial foundation for technology development, commercialization, internalization of key manufacturing processes, reliability validation, and production scale-up.
The proceeds will be used to acquire critical equipment, upgrade pilot manufacturing facilities, design scalable production processes, and expand sample deliveries, joint evaluations, in-orbit demonstrations, and overseas business development.
FLEXELL SPACE aims to become an integrated space energy solutions provider supplying solar cells, solar arrays, and space energy-as-a-service solutions for operational missions.
"This Series A funding demonstrates that the market recognizes FLEXELL SPACE's transition into the commercialization and production-readiness stage," said Keosan Lee, Chief Financial Officer of FLEXELL SPACE. "Together with the newly secured national R&D project, we can advance technology development, space-environment validation, and manufacturing infrastructure in parallel."
Lee added, "Demand for lightweight, cost-competitive, and scalable power systems is increasing as low-Earth-orbit communications networks expand and satellites, space stations, and orbital data centers require greater power. We will accelerate commercialization and establish FLEXELL SPACE as a globally competitive space energy company representing South Korea."
FLEXELL SPACE plans to expand collaboration with satellite manufacturers and space system companies in South Korea and overseas. The company is targeting full-scale production from 2028 and will progressively expand the supply of space solar cells and modules, customer evaluation programs, joint development projects, and solutions for large satellites and future space infrastructure.
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