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.
