Oxford PV - The Perovskite Company, a manufacturer of perovskite solar cells, announced that it has raised £31m, the first portion of its Series D funding round.

18Mar - Oxford

Image: The round includes a major new investment from Goldwind, and existing shareholders including Equinor and Legal & General Capital. Photo: Courtesy of Oxford PV.

The round includes a major new investment from Goldwind, a provider of integrated renewable energy solutions, along with investment from existing shareholders including Equinor and Legal & General Capital.

The funding is expected to move Oxford PV’s perovskite based solar cell technology into the commercial phase and strengthen its position to bring its technology to market. The company’s perovskite-on-silicon solar cell is claimed to have set a certified world record efficiency in the last 12 months.

Goldwind vice president Xiao Zhiping said: “Goldwind’s investment in Oxford PV supports our commitment to innovation that delivers clean, cost efficient renewable energy. It is our belief that photovoltaics and wind power will become an increasingly important part of the global energy mix, over the next 20 years.

“We have been impressed with Oxford PV, their perovskite photovoltaic technology and the pace of their progress, and we look forward to supporting the company going forward.”

The company said that its technology has cleared all the required reliability tests and is in line with the IEC 61215 protocol. Its pilot line is routinely producing commercial sized tandem solar cells for validation by its development partner – a major silicon solar cell and module manufacturer.

Oxford PV said that it has raised a total of £76million over the last five years in funding. In December 2017, the company announced that it had secured €15m in financing from the European Investment Bank (EIB).

Oxford PV chief executive officer Frank Averdung said: “Goldwind’s investment in Oxford PV and the continued support of our existing shareholders, demonstrates the confidence in our technology and its commercial readiness.

“We are delighted to have investors that recognise the capability of our perovskite solar cell technology to transform the performance of silicon-based photovoltaics and the role it will play in the global transition to a clean energy future.”

Alexa Capital acted as the sole financial advisor for Oxford PV in connection with the £31m capital raised.