Oxford Photovoltaics (PV), which has long been on our radar, has secured £8.7 million in new funding as part of a new Series C funding round (the first portion of it), according to a recent press release from the British advanced PV company.
What that means is that over just the last 18 months the firm has raised £21.3 million in equity. The new funding from the Series C round comes from new parties as well as from earlier investors. The firm expects further investment before the end of 2016 as well.
The new funding will be used to take “large steps” towards the commercialization of the firm’s trademark solar perovskite technologies — which could prove quite lucrative for those involved, if the company’s execs are to be believed.
“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,” stated 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 commercialization. I would like to thank our Board and shareholders for their support and for sharing our vision.”
Notably, part of the new funding has already been earmarked for a demonstration line that will be used to show off the technology to interested solar manufacturers.
As we’ve reported previously, the company was formed as a spin-off of the University of Oxford back in 2010. The reason? The great potential of the perovskite technology developed by Professor Henry Snaith and his researchers. When applied as a thin film in tandem with silicon cells, the perovskite technology developed by Oxford PV can, according to the company, increase cell output by up to 30%.
Check out some of our earlier coverage of the company for more:
- Oxford PV Raises $19 Million For Perovskite Solar Cell R&D
- Oxford Photovoltaics Raises £8 Million In New Funding, Accelerating Development + Commercialization Of Perovskite Solar Technology
- “Turbo Boost” For Silicon Solar Cells Could Seal Doom For Diesel