9 March 2015

Oxford PV secures £8m in first-tranche round B funding

UK-based Oxford Photovoltaics Ltd has raised a first-tranche B-round of funding of over £8m (more than targeted) from both new investors (in the UK, USA, Asia and Europe) and its existing investors (University of Oxford, MTI Partners Ltd, Longwall Venture Partners LLP, Parkwalk Advisors Ltd and a range of angel investors). 

"In a very difficult market for solar investments, we exceeded our expectations and broadened our shareholder base," says CEO & co-founder Kevin Arthur.

Oxford PV's technology involves forming a tandem solar cell using perovskite materials as the wide-bandgap solar absorber (with a bandgap energy of about 1.55eV) on top of a conventional silicon solar cell (with a bandgap of 1.1 eV).

The new funds more than double the equity raised by Oxford PV to date and will be used to accelerate development of its technology and IP portfolio towards full-scale production and commercial deployment. Reflecting the progress made by the firm, the funds were raised at a substantial increase to the valuation achieved in the previous round.

Oxford PV reckons that the quality and breadth of its shareholder base is a key demonstration of global support for its technology and will be a key strength as the firm builds towards commercialization worldwide. 

"With this additional funding, we will be able to follow through with the many opportunities we have built and accelerate towards commercial deployment," says chief financial officer David Smyth.

Tags: PV

Visit: www.oxfordpv.com