What EneCoat Technologies does

EneCoat Technologies Co., Ltd. (株式会社エネコートテクノロジーズ) is a Kyoto, Japan-based materials science company founded in January 2018 as a spin-off from Kyoto University's Wakamiya Laboratory at the Institute for Chemical Research. The company develops and manufactures thin-film perovskite solar cells (PSCs) under the registered brand name Dokodemo Dengen (どこでも電源, trademark registration 6571381), using low-temperature wet coating processes that enable flexible, lightweight films weighing roughly one-tenth of crystalline silicon panels. As of March 2025/2026, EneCoat had 119 employees, was headquartered at the Kyoto Perovskite Solar Cells Innovation Center in Kumiyama-cho, and had cumulatively raised approximately ¥87 billion (~$580M) through Series C financing led by Woven Capital.

EneCoat's technology portfolio centers on single-junction perovskite cells (25.7% world-record cell efficiency in December 2021; 26.1% certified in July 2023), tin-lead and lead-free tin variants (23.6% world record in 2021), see-through cells with 81% infrared transmittance, and 4-terminal perovskite/silicon tandem cells achieving 30.4% efficiency in joint development with Toyota Motor Corporation (January 2025). The company sells through direct enterprise partnerships rather than public pricing channels, with revenue models including hardware sales of PSC modules and licensing or R&D services from joint development agreements. Named partners and customers span automotive (Toyota), telecommunications (KDDI), real estate (Mitsui Fudosan Residential), rail (JR Kyushu), energy (INPEX, Hokkaido Electric Power), government (Tokyo Metropolitan Government, JAXA, Kanagawa Prefecture, NEDO), semiconductor/IoT (Macnica), and logistics (Tomakomai Port Terminal).

The company's go-to-market is sales-led and event-driven, relying on joint development agreements, demonstration pilots, and major exhibitions such as ADIPEC 2025, the Japan Mobility Show, and the Osaka-Kansai Expo. Its commercial runway is anchored by Japan's METI-backed 20 GW national perovskite capacity target by 2040 and the ¥24.6B METI subsidy program shared with Panasonic and Ricoh, with a stated NEDO cost target of ¥14/kWh by FY2030 and Fuji Keizai's global market forecast of ¥1 trillion by 2035. Leadership is co-founder Naoya Kato (CEO) and CTO Tamotsu Horiuchi (120+ patents), with Professor Atsushi Wakamiya serving as Chief Advisor (Science & Technology) following his April 2025 transition from Director, and outside directors representing Kyoto University Innovation Capital, SPARX Asset Management, and Woven Capital.

Name

EneCoat Technologies

Legal name

株式会社エネコートテクノロジーズ

Website

https://enecoat.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

51–100 employees

Short description

EneCoat Technologies is a Kyoto-based spin-off from Kyoto University that develops and manufactures thin-film perovskite solar cells for enterprise customers in automotive, telecom, rail, real estate, and government applications.

Ownership category

akta.pro rank

Product category

Thin-Film Perovskite Photovoltaics

NAICS

Solar Electric Power Generation (221114), Electric Power Generation (22111)

SIC

Semiconductors & Related Devices (3674)

akta.pro primary industry

Next-Gen Photovoltaics R&D (Perovskite, Tandem, Organic, BIPV Materials) (EUAMAOAA)

Keywords

• Perovskite solar cells
• Thin-film photovoltaics
• Tandem solar cells
• Photovoltaic materials
• Film-type solar cells

Headquarters

HQ city

Uji

HQ country

Japan

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. Perovskite Solar Cell Products: Development, manufacture and sale of perovskite solar cells (PSCs) and related materials. Revenue from direct product sales to enterprise customers and potentially B2B licensing arrangements as technology matures.
2. Technology Licensing and R&D Services: Joint development agreements with partners (Toyota, KDDI, etc.) and government-funded research projects through NEDO and other agencies may provide development fees and milestone payments.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels6 records

Core offering

EneCoat Technologies develops and manufactures perovskite solar cells (PSCs) — thin-film photovoltaic devices using organic-inorganic hybrid perovskite materials produced via low-temperature wet coating processes. The company sells film-type, lightweight, flexible solar cells with world-record conversion efficiencies (25.7% at cell size, 30.4% in 4-terminal tandem configuration) directly to enterprise and government customers across automotive, telecommunications, real estate, railway, IoT, and aerospace sectors through joint development and co-creation partnerships. Sub-branded as "Dokodemo Dengen®" (Power Anywhere), the cells deliver power generation in indoor low-light conditions and on curved/weight-constrained surfaces where crystalline silicon cannot be deployed.

Product overview

EneCoat Technologies develops and commercializes perovskite solar cells as its core product offering. The company's product portfolio centers on thin-film perovskite solar cells branded as 'どこでも電源®' (Dokodemo Dengen / Power Anywhere), which are manufactured using low-temperature coating processes. The main product line includes standard perovskite solar cells (PSCs), film-type flexible variants for curved surfaces and building integration, and advanced perovskite/silicon tandem cells achieving over 30% efficiency. The company also produces low-lead/tin variants for environmental considerations. All products share common characteristics of being lightweight, flexible, and efficient in both bright and low-light conditions.

Differentiator

Problem solved

Functional benefit

Brands

• どこでも電源® (DOKODEMO DENGEN): Brand name for EneCoat's perovskite solar cell technology that enables power generation anywhere, in various light conditions including indoors. Trademark registration number 6571381.

Products and services

• Perovskite Solar Cells (PSCs) EneCoat's core product is thin-film perovskite solar cells manufactured using low-temperature wet coating processes. They offer high conversion efficiency (25.7% at cell size as of December 2021; 26.1% certified efficiency in July 2023), operate in both indoor and outdoor conditions, and can be made flexible and lightweight. Sold to enterprise customers across automotive, telecommunications, real estate, railway, government, IoT, and aerospace sectors.
• Film-Type Perovskite Solar Cells Flexible perovskite solar cells using ultra-thin glass and film as substrates. These cells are lightweight, bendable, and suitable for applications where traditional rigid solar panels cannot be installed, such as building walls, vehicle surfaces, and curved structures. Achieved see-through variant with 22.4% efficiency and 81% infrared transmittance for automotive applications.
• Perovskite/Silicon 4-Terminal Tandem Solar Cells High-efficiency tandem solar cells combining perovskite and crystalline silicon technology in a 4-terminal configuration. The perovskite layer captures visible light while allowing infrared light to pass through to the silicon layer for additional power generation. Achieved over 30% conversion efficiency, making them suitable for automotive, residential, and high-performance applications where silicon alone cannot meet efficiency targets.
• Low-Lead/Tin Perovskite Solar Cells Environmentally conscious perovskite solar cells using tin-lead mixed materials or lead-free tin formulations. Achieved 23.6% world record efficiency with low-lead/tin materials in 2021 and developed novel manufacturing methods for lead-free tin perovskite solar cells, reducing environmental impact compared to lead-only formulations while maintaining durability.

Quantifiable outcome

• 25.7% world-record cell efficiency (December 2021)
• +4 more outcomes

Named customers9 records

Segments5 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Twelve partnerships are on record, tiered core, major and minor.

• Toyota Motor CorporationcoreStrategic or Co-development Partner · 27 June 2023Joint development of perovskite solar cells for automotive applications since June 2023. Collaboration aims to develop high-efficiency, flexible solar cells for vehicle integration including rooftops and hoods. Achieved 30.4% conversion efficiency with 4-terminal tandem cell in January 2025.
• Macnica, Inc.majorTechnology or IntegrationCollaboration since 2022 to develop IoT CO2 sensor terminals with perovskite solar cells. Joint verification operation with Tokyo Metropolitan Government for air quality monitoring using PSC-powered sensors.
• KDDI CorporationmajorStrategic or Co-development PartnerFirst in Japan demonstration of perovskite solar cells powering commercial base stations. KDDI received Minister of Internal Affairs and Communications Award for this implementation.
• Mitsui Fudosan Residential Co., Ltd.majorStrategic or Co-development PartnerJoint research since October 2023 on perovskite solar cell applications in residential settings. Demonstration at senior residence 'Park Welles State Nishi-Azabu' with Kyoto University.
• Kanagawa PrefecturemajorStrategic or Co-development PartnerPartnership agreement signed December 2023 for decarbonization promotion using perovskite solar cells. Collaboration with JGC Corporation.
• Kyushu Railway Company (JR Kyushu)majorStrategic or Co-development PartnerFirst in Japan demonstration experiment started October 2025 of film-type perovskite solar cells on Hakata Station platform roof. Joint project with JGC using sheet construction method.
• New Energy and Industrial Technology Development Organization (NEDO)coreStrategic or Co-development PartnerSelected for Green Innovation Fund Project (final phase September 2025) for mass production technology development. Target of 14 yen/kWh by FY2030. Also selected for NEDO projects since 2019.
• JAXA (Japan Aerospace Exploration Agency)majorStrategic or Co-development PartnerSelected October 2022 for JAXA Space Exploration Innovation Hub research theme on ultra-lightweight perovskite solar cells for space applications. Selected again March 2026 for Space Strategy Fund 'SX-ARK' project.
• Mitsubishi Materials CorporationmajorStrategic or Co-development PartnerJoint research on electron transport layer coating-type formation ink achieving approximately 1.5x higher power generation efficiency than conventional inks. Participates as subcontractor in NEDO projects.
• Kyoto UniversitycoreStrategic or Co-development PartnerOrigin of the company from Wakamiya Laboratory at Institute for Chemical Research. Ongoing academic partnership for research and development; participating as outsourced entity in NEDO consortium.
• INPEX CorporationminorGTM or Marketing PartnerExhibition partnership at ADIPEC 2025 in Abu Dhabi. EneCoat displays perovskite solar cell modules at INPEX booth at the world's largest energy sector event.
• JGC CorporationmajorStrategic or Co-development PartnerMultiple collaborations: Hakata Station demonstration, partnership with Kanagawa Prefecture, cold-climate testing with Mitsubishi HC Capital. Partner in sheet construction method development.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• First Solar: US-based thin-film (CdTe) solar manufacturer that acquired Caelux to enter perovskite tandem. Competes in utility-scale solar with an alternative thin-film technology and is now a tandem competitor.
• Hanwha Qcells: Major global solar manufacturer (Hanwha subsidiary) actively pursuing perovskite-silicon tandem cells with >28% efficiency. Established incumbent scaling perovskite tandem into mass production.
• LONGi Green Energy: World's largest silicon solar manufacturer; publicly investing in perovskite tandem R&D and pushing for record efficiencies. Represents the most significant scale and capital threat to EneCoat.
• Trinasolar: Top-tier global module manufacturer with active perovskite R&D and published world-record tandem efficiencies. Competes on the same high-efficiency roadmap.
• Panasonic Holdings: Co-recipient of the same NEDO Green Innovation Fund perovskite mass-production subsidy. Direct domestic competitor in Japanese perovskite cell commercialization with far larger balance sheet.

Direct peers

• Oxford PV: UK/Germany-based perovskite-silicon tandem solar cell developer with commercial-scale pilot production. Closest direct peer — competes on tandem efficiency (29%+ certified), targeting the same building-integrated and utility markets.
• Saule Technologies: Poland-based developer of flexible, printed perovskite solar cells using inkjet processes. Directly comparable in form factor (flexible/film), BIPV focus, and roll-to-roll manufacturing pathway.
• Caelux: US-based perovskite-silicon tandem technology developer (acquired by First Solar). Competes in the same perovskite top-cell-on-silicon architecture and shares the tandem efficiency race.

Emerging players

• Swift Solar: US startup developing perovskite-silicon tandem cells with emphasis on lightweight and flexible form factors. Emerging player with overlapping tandem technology targeting residential and utility markets.
• Renshine Solar: Chinese perovskite cell startup focused on large-area modules and tandem architectures with reported world-record efficiencies. Emerging player with strong capital backing in the same next-gen PV race.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/ENECOAT
• Instagraminstagram.com/enecoat.official

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds8 records

Investors24 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about EneCoat Technologies