Sian Crampsie
Oxford Photovoltaics has successfully closed a £21 million funding round that will help it to commercialise its novel perovskite solar cell technology. The UK-based firm says that its technology can boost the output of solar cells by around 30 per cent and could radically improve the economics of solar energy.
The firm has attracted equity investments of £8.7 million in the latest funding round, sourced from a combination of new and existing shareholders. It brings the total equity raised to £21.3 million over the past 18 months, with further investment expected before the end of this year.
Oxford PV’s perovskite solar cells can be printed directly onto silicon solar cells, thin film solar cells, or glass.
“Energy consumption is set to double within the next 20 to 30 years. Perovskite has the potential to radically improve the efficiency of solar PV and meet the world’s energy demand into the future,” said Frank Averdung, CEO of Oxford PV.
“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. This investment will support Oxford PV as we take large steps towards commercialisation.”
A portion of the funding has already been earmarked to develop a demonstration line to showcase the technology to manufacturers, bringing the company one step closer to commercialisation.
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