7 December 2016

Oxford PV gains £8.1m funding and three strategic investors

UK-based Oxford Photovoltaics Ltd (which was founded in 2010 by professor Henry Snaith as a spin-off from the University of Oxford) has announced a further equity investment of £8.1m, adding to the £8.7m first-close investment announced on 18 October.

The bulk of this investment has come from three new large strategic investors: Statoil ASA, Legal & General Capital, and a technology-focused, innovative family fund investor.

On 10 November, Oxford PV announced the acquisition of a pilot line site in Germany (formerly operated by Bosch Solar CISTech GmbH) and on 1 December it announced a joint development agreement with a major solar panel manufacturer to scale its technology towards commercialization. The latest funding should help to accelerate these development activities as well as support the next-generation product research in the UK.

"The company has made tremendous progress over the last year, and this has been recognized by being able to attract investors of such high calibre and scale," says CEO Frank Averdung. "Together we will bring our perovskite technology to market as quickly as possible. In conjunction with our industry joint development partner, our perovskite technology now has a clear path and timetable to commercialization and the formidable support of global market leaders to enable that to happen," he adds.

"We are fully engaged with the global transition to a low-carbon energy system and we want to partner with the leading brainpower-backed British enterprises that will deliver the transformative change needed to provide reliable, low-cost clean energy on a global scale," comments John Bromley, head of clean energy strategy, Legal & General Capital. "We have taken the time to get to know Oxford PV, and are impressed by the technology, the scientists and engineers, and an experienced, disciplined management team," he adds.

"Statoil has been an innovator in the energy sector for many decades, from deep sea oil recovery to offshore wind project development," says Gareth Burns, managing director of Statoil Energy Ventures (which was established as part of Statoil's new business area New Energy Solutions, and aims to invest up to $200m over a period of 4-7 years). "Statoil is supplementing its oil and gas portfolio with profitable renewable energy and, in addition to our significant portfolio within offshore wind, we are exploring opportunities within new growth areas, such as solar," he adds. "The investment in Oxford PV is our first investment within solar technology, and we see it as a great opportunity to be part of a technology development that has the potential to impact the next generation of solar cells."

See related items:

Oxford PV signs JDA with solar cell and module manufacturing industrial partner

Oxford PV acquires Bosch Solar production site

Oxford PV raises £8.7m in first close of Series C funding round, bringing total to £21m in 18 months

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

Tags: PV

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