Solestial has closed a $17 million Series A funding round led by AE Ventures, with participation from Crosscut Ventures, Zeon Ventures, and Mitsubishi Electric Corporation's ME Innovation Fund, managed by Global Brain Corporation. Returning investors include Airbus Ventures, General Purpose Venture Capital, Industrious Ventures, Stellar Ventures, and Techstars.
The funding will enable Sole by Clarence Oxford
Los Angeles CA (SPX) May 19, 2025
Solestial has closed a $17 million Series A funding round led by AE Ventures, with participation from Crosscut Ventures, Zeon Ventures, and Mitsubishi Electric Corporation's ME Innovation Fund, managed by Global Brain Corporation. Returning investors include Airbus Ventures, General Purpose Venture Capital, Industrious Ventures, Stellar Ventures, and Techstars.
The funding will enable Solestial to expand its manufacturing capacity to 1 megawatt per year, roughly matching the combined production capability of all U.S. and EU III-V space solar manufacturers.
The company also announced a leadership transition, naming Margo de Naray as Chief Executive Officer. De Naray, previously Senior VP and GM of Space Products and Services at Astra, brings two decades of experience in commercial space technology. Founder Stanislau Herasimenka will transition to Chief Technology Officer, focusing on advancing Solestial's product roadmap.
"We are thrilled to welcome Margo to lead Solestial into its next chapter," said Herasimenka. "This transition allows me to continue developing our cutting-edge technology, while Margo brings additional strategic leadership and operational experience to deliver at scale."
De Naray noted the strong market demand for Solestial's technology, which is already deployed on multiple space missions. "We're hiring, scaling production, and qualifying our technology to meet the growing needs of our customers," she said.
AE Ventures Partner Beckett Jackson highlighted Solestial's role in addressing the critical bottleneck in space solar manufacturing. "Solestial is uniquely positioned to serve spacecraft manufacturers with mass production of lightweight, radiation-hardened solutions at lower costs and shorter lead times," Jackson said.
Solestial's self-healing photovoltaic technology, which reduces costs and weight without sacrificing performance, sets it apart in the industry. Airbus Ventures Partner Mat Costes expressed confidence in the company's leadership and market positioning, noting that Solestial is prepared to meet accelerating demand.
Mitsubishi Electric Corporation's Komi Matsubara, a long-time collaborator, also reinforced the potential of Solestial's innovations, signaling strong industry support for the company's growth.
Since opening its Tempe, Arizona facility in 2023, Solestial has doubled its workforce, expanded manufacturing space, and delivered products to numerous commercial partners.
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