Oxford PV secures £65M in series D funding round
Oxford PV, a UK-based leader in the field of perovskite solar cells, has closed its series D funding round. An additional £34M, following the £31M first close, brings the funding round total to £65M.
The first close, announced in March 2019, included a significant new investment from Goldwind, the leading provider of integrated renewable energy solutions in China, as well as investment from existing shareholders including Equinor and Legal & General Capital.
The additional funds include the major new investment from Meyer Burger, the leading photovoltaic equipment supplier, announced in March 2019, with the remaining investment coming from other new and existing investors.
Frank P. Averdung, CEO at Oxford PV commented: “The success of our funding round and the quality of the new investors we have attracted, validates the commercial readiness of our technology. We now have the funds to move into manufacturing and accelerate market introduction. The production line we are installing in Germany, to manufacture perovskite-on-silicon tandem solar cells, will be the first of its kind anywhere in the world. This is a significant moment for Oxford PV and our perovskite photovoltaic technology.”
In March 2019, Oxford PV announced its plans to move into volume production when it signed a collaboration agreement with Meyer Burger. As part of the agreement, Meyer Burger will install a 200MW silicon heterojunction solar cell line, enhanced with production equipment for the perovskite top cell, at Oxford PV’s site in Brandenburg an der Havel, Germany. The fully integrated line will commence perovskite-on-silicon tandem solar cell production at the end of 2020.
Solar panels built upon Oxford PV’s perovskite solar cell technology will generate more power, critical for delivering more affordable clean energy, accelerating the adoption rate of solar and addressing climate change.
Caption: Oxford PV perovskite-on-silicon solar cells in pilot production (photo: Oxford PV)