UK perovskite solar technology company Oxford PV secures a further £8.02m funding

UK based leader in perovskite solar technology, Oxford PV, announced on April 24 that it has secured a further £8.02 Million in funding from its existing investors including Statoil and Legal & General Capital, to continue the commercialisation of its disruptive perovskite-on-silicon tandem solar cell technology.

The funding will enable Oxford PV to continue to transfer its advanced perovskite-on-silicon tandem solar cell technology from the company’s lab in Oxford, UK to industrial scale processes and equipment at the company’s demonstration line in Brandenburg an der Havel, Germany.

Oxford PV’s industrial scale perovskite pilot line, in Brandenburg an der Havel, Germany.

Oxford PV is working to fully optimize its commercial sized perovskite-on-silicon tandem solar cell technology, to ensure ease of integration into large scale silicon solar cell and module production. The company is closely collaborating with its development partner – a major manufacturer of silicon solar cells and modules.

John Bromley, Head of Clean Energy Strategy at Legal & General Capital said:

“Oxford PV’s unique technology is a game-changer for solar power, with the global potential to deliver higher volumes of low cost clean energy. At L&G we invest our capital with a long term view, so are delighted to have made a further investment in Oxford PV to support the continued development and innovation of Henry, Frank and their world-class team to bring perovskite technology to the market.”

Ingunn Svegården, Investment Director at Statoil Energy Ventures commented:

“We are pleased with the progress Oxford PV has made since our initial investment and with this financing round we are continuing our support for the company to take the next important steps to bring high efficiency perovskite products to market.”

Frank P. Averdung, Chief Executive Officer, at Oxford PV stated:

“We are proud to continue to partner with a diverse range of leaders in the venture capital and strategic investor communities, recognising the strength of the opportunity our perovskite tandem technology has to revolutionise the global silicon solar market.Over the last few years Oxford PV has built significant momentum and has now scaled up the necessary infrastructure such as R&D competencies, industrial capabilities, and a joint development partnership with a large photovoltaic player, enabling the company to maintain its leadership position in this area and bring a commercial perovskite PV solution to the silicon solar market in the near future.”

Over the last four years, Oxford PV has secured over £35 Million in funding, and in December 2017, announced it had been granted €15 Million European Investment Bank (EIB) financing.

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Source: Press Release by Oxford PV. Photo Credit: © Oxford PV.