UK Tech Firm Raises £31 Million

First Close Of Series D Funding Of £31 Million From Existing Investors As Equinor & Legal & General Capital, & New Investor China’s Goldwind To Help Oxford PV Move Perovskite Solar Cell Technology To Commercial Phase
04:05 PM (Beijing Time) - 20. March 2019
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With £31 million ($41 million) as first close in Series D funding, Oxford PV will get help in moving its perovskite solar cell technology in the commercial phase. Pictured is Oxford PV’s perovskite-silicon solar cells at its industrial pilot line in Germany. (Photo Credit: Oxford PV)

Key Takeaways

  • Oxford PV has announced first close of its Series D funding round pocketing £31 million ($41 million)
  • It has been secured from existing investors as Equinor and Legal & General Capital, and new investor Goldwind from China
  • It says this funding will help the company in moving its perovskite based solar cell technology into the commercial phase

Perovskite solar cell technology company Oxford PV has raised £31 million ($41 million) as first portion of its Series D funding round to help its perovskite based solar cell technology into the commercial phase. Along with existing shareholders including Equinor and Legal & General Capital, a new investor from China Goldwind, a leading wind power systems makers, has pooled in its resources for this financial close.

“We are delighted to have investors that recognise the capability of our perovskite solar cell technology to transform the performance of silicon-based photovoltaics and the role it will play in the global transition to a clean energy future,” said Oxford PV CEO Frank P. Averdung.

In December 2018, the tech firm reported 28% power conversion efficiency for perovskite-silicon tandem solar cell with certification from NREL of the US (see 28% Efficiency For Oxford PV Perovskite Cell). Its technology roadmap is to go beyond 30% efficiency perovskite-silicon solar cells. The management says the company is well positioned to bring its technology to market. Till date, it has been producing commercial sized tandem solar cells for validation by its development partner, who it hasn’t identified as yet except referring to it as a major silicon solar cell and module manufacturer.

In the last 5 years, Oxford PV says it has been able to raise £76 million ($100.92 million) in funding. In August 2018, the German Ministry of Economic Affairs and Energy approved €2.8 million ($3.24 million) grant to support its research work on perovskite solar cell technology for high volume manufacturing (see Oxford PV Led Consortium Gets German Grant).

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani