Alconix backs solar cell startup PXP to lock down copper supply chain

What's the deal? AlconixDealroom has a profile for this one. Try Dealroom → VenturesDealroom has a profile for this one. Try Dealroom →, the corporate venture capital arm of Japanese non-ferrous metals trader Alconix, has invested in PXP, a Sagamihara-based startup developing next-generation thin-film solar cells. The two will explore joint ventures around PXP's chalcopyrite (CIGS) and tandem CIGS-perovskite panels.

What's the endgame? Alconix wants to build a domestic loop for the copper and rare metals used in the panels. It plans to supply raw materials to PXP and recycle rare-metal scrap from PXP's manufacturing back into the supply chain.

Why now? In February 2025, the Ministry of Economy, Trade and Industry set a target to raise solar power to 23–29% of Japan's electricity generation by fiscal 2040, flagging next-generation cells and a stronger domestic supply chain as policy priorities.

PXP's chalcopyrite cells weigh less than 1kg/㎡ — under a tenth of standard silicon panels — and bend to fit curved surfaces. Compared with perovskite cells, they resist impact and fire better and hold their efficiency, opening rooftops on older factories that cannot bear heavier systems.

What could go wrong? Next-generation solar remains pre-mass-market, and the deal hinges on stable rare-metal sourcing and viable scrap recycling — both still to be proven at scale.

The signal: The move ties clean energy to critical-minerals security. As Japan pushes to hit its 2040 solar targets, traders like Alconix are betting that owning the copper and rare-metal supply chain, not just the panels, is where the value sits.

Read more: PR TIMES

Image credit: ken fields