Solestial, the solar energy company focused on powering space missions, has announced a $17 million Series A funding round. The round was led by AE Ventures and included new investors Crosscut Ventures, Zeon Ventures, and the ME Innovation Fund of Mitsubishi Electric Corporation (managed by Global Brain Corporation). Returning investors Airbus Ventures, General Purpose Venture Capital, Industrious Ventures, Stellar Ventures, and Techstars also participated.
With this funding, Solestial plans to scale its production of silicon photovoltaics to one megawatt per year—roughly equal to the combined annual output of all US and EU manufacturers of traditional III-V space solar technologies.
Alongside the raise, Solestial has appointed Margo de Naray as its new Chief Executive Officer. De Naray brings two decades of commercial and operational leadership experience, most recently serving as SVP and GM of Space Products and Services at Astra.
Founder Stanislau Herasimenka will transition to Chief Technology Officer, where he will continue leading the development of Solestial’s product roadmap and operations technology.
“We are thrilled to welcome Margo to lead Solestial into its next chapter,” said Herasimenka.
“We're seeing tremendous market demand, and we are focused on delivering high-quality products,” added de Naray.
Solestial operates in a market that’s rapidly growing, with applications ranging from satellite constellations to lunar missions. Power systems are a major limiting factor in these efforts—and Solestial aims to address that.
“Space solar is a critical bottleneck in a rapidly growing industry with an ever-expanding set of missions,” said Beckett Jackson, Partner at AE Ventures. “Solestial is uniquely positioned to serve spacecraft manufacturers with mass production of a lightweight, radiation-hardened solution at lower cost and a fraction of the lead time of the current standard.”
The funds will help Solestial accelerate its production capacity and expand its workforce. The company is already operating a manufacturing facility in Tempe, Arizona, opened in 2023, and has more than doubled its staff while delivering products to dozens of commercial customers.
Solestial’s next steps include continued scaling of its flexible solar power module production, already validated through multiple in-space deployments. The company is currently hiring to meet rising demand.
Solestial’s unique approach lies in its silicon solar cells, which are engineered to self-heal radiation damage under sunlight—at relatively low operating temperatures of just 65°C. These cells are packaged in ultrathin, lightweight, flexible modules designed for longevity across a range of space environments.
This manufacturing approach also makes the technology more cost-effective compared to conventional III-V multijunction solar products, making Solestial one of the few options for affordable, scalable space power.
Airbus Ventures, a returning investor, praised the new leadership and direction. “Stan's continued focus on the technical breadth of Solestial products and Margo's new addition as a leader of the team are the ingredients to unlock the next phases growth,” said Mat Costes, Partner at Airbus Ventures.
Mitsubishi Electric Corporation, which has worked with Solestial over the past few years, expressed strong confidence in the company. “We see tremendous potential in Solestial's technology and are pleased to deepen the relationship,” said Komi Matsubara, Executive Officer (Associate), Vice President, Business Innovation at Mitsubishi Electric Corporation.
