The round includes a major new investment from Goldwind, a leading provider of integrated renewable energy solutions in China, as well as investment from existing shareholders, including Equinor and Legal & General Capital.
The funding will allow Oxford PV to move its perovskite-based solar cell technology into the commercial phase. The company is positioned to bring its technology to market. In the last 12 months, Oxford PV’s perovskite-on-silicon solar cell set a certified world record efficiency. Its technology passed key reliability tests in line with the IEC 61215 protocol and the company’s pilot line is routinely producing commercial sized tandem solar cells for validation by its development partner – a major silicon solar cell and module manufacturer.
“Goldwind’s investment in Oxford PV supports our commitment to innovation that delivers clean, cost efficient renewable energy,” Xiao Zhiping, VP at Goldwind, said. “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.”
“Goldwind’s investment in Oxford PV and the continued support of our existing shareholders, demonstrates the confidence in our technology and its commercial readiness,” Frank P. Averdung, CEO at Oxford PV, said.
Over the last five years, Oxford PV has raised a total of £76 million ($101 million) in funding and in December 2017, announced it had been granted €15 million European Investment Bank (EIB) financing.