18 October 2016

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

As the first portion of a Series C funding round, 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 an equity investment of £8.7m, provided by a combination of new and existing shareholders. Total equity raised is now £21.3m ($27m) over the past 18 months. Further investment is expected before the end of 2016.

The funding will help to 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. A portion of the funding has already been earmarked to develop a demonstration line to showcase the technology to manufacturers, bringing the firm one step closer to commercialization.

Applied as a thin-film layer in tandem with an active silicon cell, perovskite can boost cell output by about 30%, reckons the firm. "Energy consumption is set to double within the next 20-30 years. Perovskite has the potential to radically improve the efficiency of solar PV," says CEO Frank Averdung. "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," he adds. "This investment will support Oxford PV as we take large steps towards commercialization," he adds.

"We are gratified to have attracted not only reinvestment from many of our current shareholders but we have added some new and substantial ones with the promise of yet more funding later this year," notes chairman David Fyfe. "This is a tribute to the achievement of key strategic goals by the management and technical team."

See related items:

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

Tags: PV

Visit: www.oxfordpv.com