Oxford PV attracts USD 10.7 million funding

This investment will support Oxford PV as the company takes large steps towards commercialization of its perovskite-based solar technology.
This investment will support Oxford PV as the company takes large steps towards commercialization of its perovskite-based solar technology.

Oxford Photovoltaics Ltd (Oxford PV), a pioneering solar photovoltaic technology company, on October 18th, 2016 announced an equity investment of GBP 8.7 million (approx. USD 10.7 million), the first portion of a Series C funding round.

This investment was provided by a combination of new and existing shareholders and brings the total equity raised to GBP 21.3m (USD 27m) over the past 18 months. Further investment is expected before the end of the year, the company notes.

The funding will help extend Oxford PV’s position in the use of its perovskite technology to significantly enhance the performance and economic returns achievable from existing solar PV technologies. Applied as a thin film layer in tandem with an active silicon cell, perovskite can boost cell output by around 30 per cent, Oxford PV says.

“Energy consumption is set to double within the next 20 to 30 years. Perovskite has the potential to radically improve the efficiency of solar PV and meet the world’s energy demand into the future,” says Frank Averdung, CEO of Oxford PV.

“Our technology has already demonstrated the efficiency and stability necessary to engage commercially with major industry players and become a key part of enhancing solar energy supply in years to come. This investment will support Oxford PV as we take large steps towards commercialization. I would like to thank our Board and shareholders for their support and for sharing our vision.”

A portion of the funding has already been earmarked to develop a demonstration line to showcase the technology to manufacturers, bringing the company one step closer to commercialization, reads the press release.

 

2016-10-19 | Courtesy: Oxford Photovoltaics Ltd (Oxford PV) | solarserver.com © Heindl Server GmbH

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