Oxford PV Closes £65 Million Funding Round
Perovskite company drives forward with plans for volume manufacturing
Oxford PV, a UK-based perovskite solar technology company, has announced final close of its Series D funding round as it continues with plans to move to volume manufacturing.
An additional £34 million, following the £31 million first close, brings the funding round total to £65 million. The first close, announced in March 2019, included a significant new investment from Goldwind,a 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, a 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 200 MW 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 begin perovskite-on-silicon tandem solar cell production at the end of 2020.