Published on March 11th, 2015 | by James Ayre2
Oxford Photovoltaics Raises £8 Million In New Funding, Accelerating Development + Commercialization Of Perovskite Solar Technology
March 11th, 2015 by James Ayre
The solar energy technology company Oxford Photovoltaics (Oxford PV) has raised £8 million in new funding via a variety of new + old investors, according to recent reports.
The new capital will actually more than double the total figure raised by the company to date, and will reportedly be used to accelerate the development and the commercialization of perovskite solar cells.
As stated above, some of the new £8 million figure was provided by previous investors — in this case, the University of Oxford, MTI Partners, Longwall Venture Partners, Parkwalk Advisors, and a range of angel investors are known to have participated.
A recent email sent to CleanTechnica provides a bit of background:
The £8 million announced today will help fund the continued development of Oxford PV’s world-beating technology towards full-scale production and commercial deployment. Reflecting the significant progress made by the company, and its market-leading position, the funds were raised at a substantial increase to the valuation achieved in the previous round.
Oxford PV is pleased to welcome a wide range of new investors from the UK, US, Asia, and Europe, in this round. The quality and breadth of its shareholder base is an important demonstration of global support for its technology and will be a key strength of the company as it builds towards commercialisation around the world.
The CEO and co-founder of Oxford PV, Kevin Arthur, stated: “I am delighted to have raised more in this round than we targeted. In a very difficult market for solar investments, we exceeded our expectations and broadened our shareholder base. These funds will help accelerate our development and secure our leading global position in this exciting new technology.”
The CFO of Oxford PV, David Smyth, commented as well: “With this additional funding, we will be able to follow through with the many opportunities we have built and accelerate towards commercial deployment. The solar power market continues to grow rapidly and with this technology we hope to enable solar to become the future mainstream fuel source for clean electricity.”
Interesting. Perovskites certainly seem to be on the verge of taking a chunk of the larger solar market…potentially, at least. Amongst other announcements in this space, a recent one from Dyesol & Nesli DSC concerning the commercialization of perovskite-dye solar cells comes to mind.