Perovskite solar cell developer Oxford Photovoltaics said it had raised a top-up B round of £4.4 million from a variety existing investors as well as new sources of funding.
Oxford PV has secured a total of over £12.6 million (US$19.0 million) in financing from new and existing investors in 2015 alone.
The company noted that the new round of financing enabled the company to move towards commercial engagement with potential licensees as its scales-up technology development, suggesting funds are required to produce working solar cell devices.
David Smyth, CFO of Oxford PV said, “I am delighted to have raised this additional investment on top of the impressive round earlier in the year. The company is now well capitalised to take our technology through the next stage of development towards commercial deployment. The solar power market continues to grow more rapidly than expected. Our proprietary technology has the potential to revolutionise this exciting but competitive market and allow solar to become the future mainstream fuel source for electricity.”
PV Tech believes that the company is following an IP licensing business model, targeting tandem junction (heterojunction) structured cells producers as a key first phase commercialisation initiative and has already demonstrated working cells on monocrystalline silicon substrates, significantly ahead of several rivals such as Dyesol.
However, the commercialisation phase, compared to lab-scale cell efficiency gains requires higher up-front expenditure and large quantities of test wafer/cells for evaluation, testing and development to larger substrate sizes used by conventional solar cell producers.