Meyer Burger Major Shareholder of Oxford PV

Meyer Burger To Sell 200 MW Heterojunction Line For Tandem Cell Pilot Production Of Oxford PV’s Perovskite Solar Cell Technology & Acquire 18.8% Stake In UK Tech Company
06:18 AM (Beijing Time) - 25. March 2019
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A spin-off from the University of Oxford in England, Oxford PV will purchase a 200 MW HJT production line from Meyer Burger and install it at its Brandenburg an der Havel facility in Germany to produce tandem solar cells. Meyer Burger has purchased a 18.8% stake in Oxford PV. (Photo Credit: Oxford PV)

Key Takeaways

  • Meyer Burger has entered into an exclusive cooperation agreement with Oxford PV under which it will develop latter’s perovskite solar cells on its own silicon HJT to create tandem cells
  • The Swiss company will sell to Oxford PV a 200 MW HJT line for pilot production of tandem cells by combining its HJT and SmartWire Connection technology with Oxford PV’s perovskite solar cell technology
  • The line will be ramped up by the end of 2020 at Oxford PV's Brandenburg an der Havel facility in Germany
  • Meyer Burger said it will also develop equipment to industrialize mass production of the respective perovskite layers deposited onto HJT bottom cells
  • CEO of Meyer Burger Hans Brändle will become a board member in Oxford PV following the company’s decision to acquire up to 18.8% stake in the UK tech firm

Meyer Burger from Switzerland will mass produce British start-up Oxford PV’s perovskite solar cells on silicon heterojunction (HJT) tandem cells, under a strategic and exclusive cooperation agreement signed between the two companies. At the same time, an investment in Oxford PV will make Meyer Burger the largest shareholder.

The Swiss PV cell and module production equipment manufacturer said it will sell a 200 MW HJT line to Oxford PV for the pilot production of tandem cells by combining its HJT cell and SmartWire Connection (SWCT) module technology with Oxford PV’s perovskite solar cell technology. The line will be ramped up by the end of 2020 in Oxford PV’s Brandenburg an der Havel facility in Germany.

Both the partners will target a 27% tandem solar cell efficiency initially; the theoretical limit for such tandem cells is 43%, compared to 29% for single-junction silicon cells.  Oxford PV has achieved a 28% power conversion efficiency record for a perovskite silicon tandem lab cell in December 2018 (see 28% Efficiency For Oxford PV Perovskite Cell). Meyer Burger’s top HJT cell reaches 24.2%, it guarantees 23.5% efficiency for products made on its HJT lines (see TaiyangNews Heterojunction Solar Technology Report 2019)

“The characteristics of Meyer Burger’s HJT cells make them the perfect bottom cells for Oxford PV’s perovskite top cell layers. Meyer Burger’s SWCT is the ideal technology, connecting the new perovskite on HJT tandem cells into reliable and highly efficient solar modules,” explained the Swiss company.

Meyer Burger also plans to develop equipment to industrialize the mass production of the respective perovskite layers that are deposited onto HJT bottom cells. This, it says, speeds up the process of this technology to reach the market.

“Perovskite tandem solar cells are viewed in the solar industry as the next generation in solar cell technology, enabling the reduction of the cost of solar energy (LCOE) to unprecedented levels. We are pleased to collaborate with Oxford PV, the leading global company for perovskite tandem solar cells, speeding up the time-to-market for this promising technology,” said Meyer Burger CEO Hans Brändle.

18.8% Meyer Burger stake in Oxford PV

As per the deal, Meyer Burger will also buy up to 18.8% capital stake in Oxford PV by issuing up to 62.29 million new Meyer Burger shares from the company’s existing authorized capital. This will make Meyer Burger the largest shareholder in the British technology company. It also gets an option to double the investment by the end of 2020.

Additionally, Meyer Burger will get special corporate governance rights in Oxford PV with Brändle becoming a member of the tech company’s board of directors. The closing of the transaction is expected before the end of April 2019.

Just before Meyer Burger’s announcement to invest in Oxford PV, the British company closed the first round of Series D funding of £31 million, saying this would enable it to move its perovskite solar cell technology to the commercial phase (see UK Tech Firm Raises €31 Million).

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani