Oxford PV raises US$41m funding

Perovskite solar cell firm Oxford PV has raised £31 million (US$41 million), with Chinese wind turbine firm Goldwind joining as a major new investor.

The latest round of backing also includes funds from existing investors Equinor and Legal & General.

Oxford PV said the money would push the company into its commercial phase. It has been preparing a switch to large-volume manufacturing, having built a pilot line at a former Bosch site in Germany.

“Goldwind’s investment in Oxford PV and the continued support of our existing shareholders, demonstrates the confidence in our technology and its commercial readiness,” said Frank P. Averdung, CEO, Oxford PV. “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.”

In June the firm has reported a new perovskite tandem solar cell efficiency record of 27.3%, certified by Fraunhofer ISE.

The series-D funding round almost doubles the cumulative money raised by the firm in the past.

“Goldwind’s investment in Oxford PV supports our commitment to innovation that delivers clean, cost-efficient renewable energy,” said Xiao Zhiping, VP, Goldwind. “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.”

Tags: c-si manufacturing, pv modules, tandem cells, perovskite, oxford pv, germany, uk, investment, goldwind, china