FLEXELL SPACE Raises $20 Million in Series A Funding to Expand into the Global Space Solar Power Market

Flexell Space, leading innovations in space solar cells, focusing on improving cost, delivery, design, and power efficiency, led by Taehun(Tim) Ahn, PMP, Dr. Shinyoung Noh, and Keosan Lee, has completed a $20 million Series A funding round. 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.

The investment, secured approximately two years after FLEXELL SPACE’s founding, highlights strong confidence from leading Korean investors in the company’s technology and long-term growth potential in the global space industry.

Originally launched as an in-house venture at Hanwha Systems, FLEXELL SPACE spun out and raised approximately $4 million in a Pre-Series A round backed by Hanwha Systems, LK Chem, InterVest, L&S Venture Capital, and QUAD Ventures. With the latest financing, the company has secured approximately $25 million in cumulative funding.

FLEXELL SPACE develops high-efficiency, lightweight, and flexible solar technologies based on perovskite and copper indium gallium selenide (CIGS), offering a lower-cost and more scalable alternative to conventional gallium arsenide space solar cells. The technology is designed to withstand radiation, extreme temperatures, and the harsh conditions of space, supporting applications across satellites, high-altitude unmanned aerial vehicles, space stations, orbital data centers, and future lunar and Mars missions.

The company is validating its technology through in-orbit demonstrations on South Korea’s Nuri launch vehicle and the International Space Station, while expanding partnerships with global defense contractors, satellite manufacturers, and space system providers.

FLEXELL SPACE has been selected to lead a five-year, approximately $7.1 million government-backed R&D program to develop and validate low-cost, high-efficiency tandem solar modules for space applications. Combined with its Series A funding, the project provides a strong foundation for advancing technology development, manufacturing, reliability testing, and commercialization.

The company will use the funding to expand pilot production, scale manufacturing processes, support in-orbit demonstrations, strengthen international partnerships, and accelerate global business development. FLEXELL SPACE aims to evolve into an integrated space energy solutions provider offering solar cells, solar arrays, and energy-as-a-service solutions for space missions.

Keosan Lee said the Series A funding marks the company’s transition toward commercialization and production readiness. Combined with the government-backed R&D project, the capital will support technology development, space-environment validation, and manufacturing infrastructure.

Lee added that growing demand for lightweight, scalable, and cost-efficient power systems across satellites, communications networks, and orbital infrastructure creates a significant opportunity for FLEXELL SPACE to become a global space energy provider from South Korea.

FLEXELL SPACE plans to expand partnerships with satellite manufacturers and space system companies globally. The company aims to begin full-scale production by 2028, scaling the supply of space solar cells and modules while advancing customer evaluations, joint development programs, and energy solutions for large satellites and future space infrastructure.