Oxford PV, a developer of perovskite solar cells which recently set a world record in solar power efficiency, has now raised €36 million in the first phase of a Series D funding round to bring its cost effective renewable energy to market.
The round was led by Goldwind, the leading provider of integrated renewable energy solutions in China, with participation 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 well positioned to bring its technology to market. Founded in 2010, in the last 12 months, Oxford PV’s perovskite-on-silicon solar cell set a certified world record in terms of 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,” said Xiao Zhiping, Vice President at 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.”
“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 Averdung, Chief Executive Officer at 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.”
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