Oxford Photovoltaics Germany, a subsidiary of UK-based Oxford Photovoltaics announced last month that it received €15 million in financing from the European Investment Bank (EIB) to support the transfer of its disruptive perovskite on silicon tandem solar cell technology from lab scale to commercialisation.
Oxford PV Germany has developed a disruptive technology at lab-scale based on a material set with a special crystal structure called perovskite. The new technology is expected to increase the energy conversion efficiency of photovoltaic solar cells to levels well beyond those currently achieved by incumbent technologies and processes in volume manufacturing.
The loan to Oxford PV Germany aims at bringing the technology from lab scale to a demonstration line which can be suited to a commercial-scale wafer manufacturing plant. EIB’s financing to Oxford PV Germany is the first supported in Germany by ‘InnovFin – EU Finance for Innovators’ Energy Demonstration Projects’, with the financial backing of the European Union under Horizon 2020 Financial Instruments.
Ambroise Fayolle, Vice-President of the EIB responsible for Germany and InnovFin, commented:
“Our new InnovFin products allow us to offer to European energy demonstration projects resources and advice where it is needed, bringing tangible results and helping innovators to contribute to climate action. I am delighted to sign today with Oxford PV Germany, a cleantech company that is bringing a pioneering technology to the solar energy market. In order to help bridging the financing gap of such technologies to reach demonstration and commercial stages, the EU Bank is rolling out new financing tools to underpin its climate action policy goal that is one of our top priorities as the largest multilateral provider of climate finance worldwide.”
Commissioner Moedas said:
“Every investment in renewable energy takes us a step closer to fighting global climate change while creating new sustainable jobs and economic growth in Europe. I am happy to see a renewable energy pioneer getting EU support today, and I hope the list of beneficiaries will continue to grow next year to bring about the much needed energy transition.”
Frank P. Averdung, Chief Executive Officer, at Oxford PV said:
“The EIB financing recognises Oxford PV’s significant achievements to date, and the opportunity our disruptive perovskite solar technology has to dramatically transform silicon solar cell economics and help accelerate the proliferation of solar energy generation globally. Oxford PV has made considerable progress over the last few years, and is already in the process of rapidly transferring its advanced perovskite on silicon tandem solar cell technology from the lab to an industrial scale process at our site in Brandenburg, Germany, in collaboration with our joint development partner – a large manufacturer of solar cells and modules. The EIB loan will enable Oxford PV to continue to invest in its demonstration line infrastructure, to further support the commercialisation of our perovskite solar technology.”
Source: Press Release by Oxford PV and EIB . Photo credit: © Oxford PV.